That's very good!!!  I can't imagine the struggle you face everyday.  My thoughts and prayers are with you and your family.

-----Original Message-----
From: dbmcvick@srpnet.com [mailto:dbmcvick@srpnet.com]
Sent: Thursday, January 10, 2002 4:27 PM
To: khyatt@enron.com
Subject: Michelle's poem....

Thanks for dinner last night - I enjoyed talking with you and meeting Eric..... Here is the poem you requested.

Paranoid

Do you really care what I have to say?
Are you going to end up ignoring me anyway?
Should I sit here like a statue in stone?
Do I really like feeling so alone?

What did I do to the world to feel this way?
Why am I so paranoid everyday?
My mind lives in a constant shade of black
I always want to run and pack

To find a world that's all my own
Somewhere I can finally call home
But the fear remains with me
It's all I can see

Why does everybody stare?
Or even glare
They say it's all in my head
It's like I'm a ghost back from the dead

It's scary to be left alone
Even inside my own home
Everyone's out to get me
All after me

Now when you ask me what's wrong?
It takes me too long
To figure out
What the questions about

Do you really care what I have to say?
Are you going to end up ignoring me anyway?
Should I sit here like a statue in stone?
Do I really like feeling so alone?

~~~~~MICHELLE MCVICKER 12/20/01`~~~


To All Enron Bowling Association Teams,

If any of you are interested in bowling for Special Olympics next Saturday, November 17, 2001,  please contact any officer listed below to send you a package. This Event is open  to any and everyone who can help support Special Olympian with  a mimimum of $25  in pledges.

This is the only charitable event the bowling association sponsors during the year, so it is important to have a good turnout.

TITLE	NAME	PHONE	LOCATION

President 	Dennis Lee	713-853-1715	EB4135B
Vice-President 	Ron Matthews	713-853-5830	EB3938A
Secretary 	Celestine Hollan	713-853-3863	EB4290A

Thank You In Advance
Celestine Hollan
chollan@enron.com <mailto:chollan@enron.com>
713-853-3863


Just a reminder ... supervisors should access the Performance Assessment System to complete their employees' assessments and hold one-on-one feedback meetings with each of their employees by Friday, June 14.

To access PAS, go to the HR Global Applications website by clicking on the link below and login using your GIS identification.  If you don't have your GIS ID and/or password, you can have it automatically looked up on the front page of the site or contact the HRGIM helpdesk at (713) 853-5666.  The helpdesk is open Monday through Friday from 7:00 a.m. to 6:00 p.m.

<<https://hrglobal.enron.com>>


There is an electrical problem at the plant, it went down on 9/10 and is at
zero until further notice.  The nomination was 4M/D.  This is the HPL/Miles
Baytown Plant.

I will keep you informed, I just received the call this afternoon.

Mary


I will be there.

D

Heather Choate
09/14/2000 04:23 PM
To: Daren J Farmer/HOU/ECT@ECT
cc: Pat Clynes/Corp/Enron@ENRON, Bob M Hall/NA/Enron@Enron
Subject: Mtg: Producer Services

Daren,

   Please confirm if you would be able to meet with Bob Hall and Pat Clynes
to discuss Producer Services

   Monday, September 18, 2000 at 4pm in EB3015

  Thank you,
  Heather Choate, x33278


Dan

Thanks for the pressure info.

As we discussed, any luck uncovering historical pressure data (pre-'93)?

Dan


U da man!!!

	Gerald.Nemec@enron.com
	11/06/2000 05:19 PM

		 To: Michael.J.Legler@enron.com
		 cc:
		 Subject: Re: Interruptible agreement

I am composing this as we speak.  Should have a draft shortly.

                    Michael J

                    Legler@ENRON         To:     Gerald
Nemec/HOU/ECT@ECT
                    Sent by:
cc:
                    Michael J            Subject:     Interruptible
agreement

Legler@ENRON

                    11/06/2000

                    08:32
AM

Gerald,

What did you find out about the interruptible agreement I have been asking
you about??

Hope you had a great weekend!!

Mike


Pursuant to the request of Sara Shackleton, following for your review is the
arbitration language contained in the draft ISDA Master Agreement being
negotiated between Lehman Brothers Finance S.A. and Enron Corp.

(h) Jurisdiction.  Section 13(b) is hereby deleted in its entirety and
replaced with the following:

 (b) Agreement To Arbitrate:  Any claim, counterclaim, demand, cause of
action, dispute, and controversy arising out of or relating to this Agreement
or the relationship established by this Agreement, any provision hereof, the
alleged breach thereof, or in any way relating to the subject matter of this
Agreement, involving the parties and/or their respective representatives
(collectively the &Claims8), even though some or all of such Claims allegedly
are extra-contractual in nature, whether such Claims sound in contract, tort,
or otherwise, at law or in equity, under state or federal law, whether
provided by statute or the common law, for damages or any other relief, shall
be resolved by binding arbitration.

Conduct Of The Arbitration, And Authority Of The Arbitrators:  Arbitration
shall be governed by the Federal Arbitration Act and conducted in accordance
with the Commercial Arbitration Rules of the American Arbitration
Association.  The validity, construction, and interpretation of this
agreement to arbitrate, and all procedural aspects of the arbitration
conducted pursuant hereto shall be decided by the arbitrators.  In deciding
the substance of the parties, Claims, the arbitrators shall refer to the
Governing Law.  It is agreed that the arbitrators shall have no authority to
award treble, exemplary or punitive damages of any type under any
circumstances whether or not such damages may be available under state or
federal law, or under the Federal Arbitration Act, or under the Commercial
Arbitration Rules of the American Arbitration Association, the parties hereby
waiving their right, if any, to recover any such damages.

Forum For The Arbitration And Selection Of Arbitrators:  The arbitration
proceeding shall be conducted in New York, New York.  Within thirty days of
the notice of initiation of the arbitration procedure, each party shall
select one arbitrator.  The two arbitrators shall select a third arbitrator.
The third arbitrator shall be a person who has over eight years professional
experience in over-the-counter derivative products and who has not previously
been employed by either party and does not have a direct or indirect interest
in either party or the subject matter of the arbitration.  While the third
arbitrator shall be neutral, the two party-appointed arbitrators are not
required to be neutral, and it shall not be grounds for removal of either of
the two party-appointed arbitrators or for vacating the arbitrators, award
that either of such arbitrators has past or present minimal relationships
with the party that appointed such arbitrator.

Confidentiality:  To the fullest extent permitted by law, any arbitration
proceeding and the arbitrators award shall be maintained in confidence by the
parties.


Tori, I attach a draft schedule of meetings for Mr Lay.


First, I want to thank everyone that presented for their efforts.  I thought
the presentations were great and highlighted some key issues.

Second, below you will find electronic copies of each of the presentations
(in case you don't already have).  I will try and get the material out for
our next meeting before the meeting - sorry about the mix up this time.

You should also find below a memo that highlights the discussion from
yesterday.  It still appears to me that most people on the Working Group
recognize the ability to begin to undertake a more rigorous Regulatory Risk
analysis.  It also appears that this process is not limited to only the US.

I would really like to hear people's comments.  Please feel free to either
call me or send an e-mail.

I will be setting up the next meeting very soon.  The goal is to begin to
define the process, the data necessary, and the reporting.

Thanks for everything.


EFF_DT PORTFOLIO_ID DOWN95
11/17/00 MANAGEMENT-CRD 0
11/17/00 MANAGEMENT-GAS 2,922,796
11/17/00 MANAGEMENT-PWR 196,716
11/17/00 AGG-MANAGEMENT 2,993,595


FYI - our phone call

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 01/31/2001 01:22 PM -----

	"Dooley, Sylvia V." <DOOLEYS@coned.com>
	01/25/2001 05:30 PM

		 To: 'Samantha.Boyd@enron.com', "'Janelle.Scheuer@enron.com'"
<Janelle.Scheuer@enron.com>, "'Sara.Shackleton@enron.com'"
<Sara.Shackleton@enron.com>
		 cc: "Barrett, Peter J." <BARRETTP@coned.com>, "Douglas, Patricia M."
<DOUGLASP@coned.com>, "'ESanford@milbank.com'" <ESanford@milbank.com>,
"'EMoser@milbank.com'" <EMoser@milbank.com>
		 Subject: ANNEX B-2

 <<4J0401!.DOC>> attached are our comments to annex b-2, the enron guaranty.

 - 4J0401!.DOC


I won't be able to make it.  I will be in Denver getting back late that
evening.

	Xochitl-Alexis Velasco
	06/07/2000 12:33 PM

		 To: Julie A Gomez/HOU/ECT@ECT, Stephanie Balette Casas/HOU/ECT@ECT, Davis
Thames/HOU/ECT@ECT, Cris Sherman/HOU/ECT@ECT, Gerald Nemec,
bredmon@ect.enron.com, Greg Sharp, Nora Dobin/Corp/Enron@ENRON, Eric
Moon/HOU/ECT@ECT, Rhett Jackson/HOU/ECT@ECT, Carol Carter/HOU/ECT@ECT,
Lillian Carroll/HOU/ECT@ECT
		 cc: Venita Coleman/Corp/Enron@Enron, kbenedi@ect.enron.com
		 Subject: Gallup Closing Dinner

Enron Compression Services would like to invite you to a Project Gallup
Appreciation Dinner on June 15 at 6:30 PM at Ruggles Bistro Latino (711 Main
Street).

Please RSVP to myself no later than Monday, June 12.  If you have any
questions, please call me at 3-4529.

Thank you
Xochitl Velasco


Just wanted to let you know I had a phone message from Nancy Mallard(sp?) today.  Her daughter is a bunny.  She had a suggestion for the basket.  The James Avery catalog has some sterling silver charms (for a bracelet or a necklace) that are bugs.  A dragon fly ($17.50), a honey bee ($12.50) and a lady bug ($15).

I left her a message and told her I thought it sounded like a great idea.  I told her we would get back with her after next week (& collecting donations) to see if she would like to purchase one to donate for the basket or if she could provide us with the catalog (because I don't receive that one).  I've already looked on the internet to see if I could get a look.  Apparently, there's not a website.

FYI, we'll touch-base later.

Lindy


Hello all,

The program for the 2000 Texas Finance Festival has been formalized and can
be found on our web site at

http://hsb.baylor.edu/html/martinj/festival2.html

I do need to remind you of a few things before we converge on San Antonio.
First, be sure to contact the convention hotel and make your reservations.
At last count there were only 6 rooms left.  Second, I need a completed
application form from everyone so that we can get an accurate meal count.
I am attaching the program announcement so you can fill out the appropriate
boxes for meals and numbers of guests in the event you have not sent in a
form.

Remember that we are starting the conference off with a luncheon on Friday
so plan on arriving early Friday or coming in on Thursday evening if you
can.  Our hotel is right on the river and there are lots of restaurants and
interesting things to visit in the immediate area (the Alamo is across the
plaza from the hotel).

We are making plans for spouses and children to attend both the dinner on
Friday and Saturday evenings.  The Friday evening dinner begins at 6 p.m.
so that we can be done in plenty of time for our private guided tour of the
Alamo at 8:00 p.m.  For Saturday we are still working out plans for the
evening so stay tuned.

There will be more information later as the conference nears.  Looking
forward to seeing you all and in beautiful, sunny San Antonio.

John

 - announcerev.doc

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html


John,

We are working on an EnronOnline Website Audit.  We have noticed that many traders have duplicate ID's and are not using some of them.  In an effort to reduce risk, we would like to inactivate all ID's that are no longer valid for traders.  Please note that inactivating these ID's will not effect matrix trades.  Please review the following information and let us know if this is a valid book and ID.

Natural Gas Price (Non-Affiliate) book
User ID:  ADM10158

Thank you,

Karen O'Day
EnronOnline
713-345-4135


Neil -

Mike McConnell asked me to respond to your message on his behalf.  Mike said
thank you for the message, but unfortunately, he will be out of town April
4th - 6th and therefore unable to meet with you while you are in town next
week.

Thank you.

Cathy Phillips for
Mike McConnell

Neil Kenley@ENRON
03/29/2001 10:57 AM
To: John L Nowlan/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT
cc:
Subject: Visit to Enron on 4th /5th April

John/Mike
I will be in Houston on 4th and 5th of April.  Matthew Scrimshaw suggested I
look you up.
It would be great if you could spare me some time to discuss what we are
trying to do at ETOL and how I might be able to link with what you do.
I have a pretty flexible programme on the 4th  with my return flight to the
UK at 15:00 on 5th.
If you could suggest a time and your office locations I'd be most grateful.
Best regards
Neil

Respect====>Integrity====>Communication====>Excellence

The information contained in this e-mail and any files transmitted with it is
confidential and intended for the addressee only. If you have received this
e-mail in error, please notify the originator or telephone 01642 459955.
This e-mail and any attachments have been scanned for viruses prior to
leaving Enron Teesside Operations Limited (ETOL). ETOL will not be liable for
any losses as a result of any viruses being passed on.

Enron Teesside Operations Limited.  Registered in England
Reg. No. 3647087. Registered Office: ETOL HQ, PO Box 1985, Wilton
International, Middlesbrough, TS90 8WS


i am doing fine.  me regalas un beso?

 -----Original Message-----
From: 	Griffith, John
Sent:	Friday, October 26, 2001 10:54 AM
To:	Villarreal, Alexandra
Subject:	RE:

Why thank you, I wish you a good day as well.

How are you doing?  You look very beautiful today (as usual)

Talk to you later.

 -----Original Message-----
From: 	Villarreal, Alexandra
Sent:	Friday, October 26, 2001 10:50 AM
To:	Griffith, John
Subject:

hi,

i know you are busy.  i just wanted to email you and say hello and also to wish you a good day


To: "'Amy Clemons'" <amy.clemons@enron.com>, "'Anne'" <anneyows@hotmail.com>,
"'Brad'" <bradf@inqueststaffing.com>, "'Caroline'"
<carolinehead@hotmail.com>, "'Karen'" <k1p1@aol.com>,
"'kriscameron@deloitte.com'" <kriscameron@deloitte.com>, "'Marcy'"
<marcyrinehart@hotmail.com>, "'Maggie work'" <mbeery@hillandknowlton.com>,
"'Matthew.Lenhart@enron.com'" <Matthew.Lenhart@enron.com>, "'Rachel'"
<rachelarriola@yahoo.com>, "'Ritter, Robert H.'" <rhritter@utmb.edu>, "'Tara
Levinthal'" <tlevinthal@aol.com>, "Pechersky, Svetlana" <SPechersky@h-s.com>,
"Cohlmeyer, Lisa M" <LCohlmeyer@h-s.com>, "'Shirley Elliott'"
<shirley.s.elliott@citicorp.com>, "'Holly Korman'" <holly@layfam.com>,
"'MATTOSO, ANGELA'" <Amattoso@mdck.com>, "'SAM'" <missshy@texas.net>
cc:
bcc:

Subject: FW: slut......serves her right haha

-----Original Message-----
From: Stephanie_E_Friedman@reliantenergy.com
[mailto:Stephanie_E_Friedman@reliantenergy.com]
Sent: Thursday, May 10, 2001 2:12 PM
To: ellie.bullard@mail.house.gov; christina@gulfcoastentertainment.com;
lacyprice@henrysmiller.com; kawise@hotmail.com; kafriedman@hotmail.com;
courtneyb@johndaugherty.com; emily1009@yahoo.com;
elizabeth_bowen@aimfunds.com; abradford28@hotmail.com;
alexa_carter@aimfunds.com; abradford28@hotmail.com;
laurasperry@excelonline.com; asorelle@h-s.com; MBowen1025@aol.com;
mgockturtle@mail.utexas.edu; allison.f.blanton@vanderbilt.edu;
AMcGee@thealexandergroup.com; BWare@rnchq.org;
christine_lawhon@amsinc.com; caledere@TexasChildrensHospital.org;
c.domercq@worldnet.att.net; erin.e.fowler@us.arthurandersen.com;
hbuche@kingadvisors.com; jana.m.dupree@us.arthurandersen.com;
jennspinks@aol.com; jsiff@central.uh.edu; jwunz@ncta.com;
lara.wright@bakerhughes.com; laurasperry@excelonline.com;
mbeery@HillandKnowlton.com; mmalone@loomissayles.com;
ssemple@SicolaMartin.com
Subject: slut......serves her right haha

Stephanie E. Friedman
Corporate Tax Department
Stephanie_E_Friedman@reliantenergy.com
(713) 207-3084
----- Forwarded by Stephanie E Friedman/ADM/HouInd on 05/10/01 02:08 PM
-----

                    gemma.moore@us.an

                    dersen.com               To:
Stephanie_E_Friedman@reliantenergy.com
                                             cc:
amanda.gaskin@us.andersen.com,
                    05/10/01 02:06 PM        carrie.a.henke@us.andersen.com,

                                             mgmateer@yahoo.com,

silvia.c.melendez@us.andersen.com,
                                             Rabitbear2@aol.com,
Bear4242@aol.com,
                                             ksm_00_99@yahoo.com,

leticia.ramirez@us.andersen.com,

meredith.riekert@us.pwcglobal.com,
                                             haley.c.smith@us.andersen.com,

                                             wallace_ashley@hotmail.com

                                             Subject:     slut......serves
her right haha

(See attached file: leopard.jpg)

*******************Internet Email Confidentiality Footer*******************

Privileged/Confidential Information may be contained in this message.  If
you
are not the addressee indicated in this message (or responsible for
delivery of
the message to such person), you may not copy or deliver this message to
anyone.
In such case, you should destroy this message and kindly notify the sender
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to Internet email for messages of this kind.  Opinions, conclusions and
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information in this message that do not relate to the official business of
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(See attached file: leopard.jpg)

 - leopard.jpg


Hi, Sooz

Just returned from the Workman Gallery to pay for the painting--which, by the
way, I really like.  It's so nice to know you like something immediately and
don't have to sneak up on it for another look to make up your mind!  Anyway,
I was asking Wally about her gallery--she's been in business for 20 yrs, and
I'm sure in that time there were some really bad times for her here in
Austin.  I was telling her about you, and she said the woman who owns Sloan
Jordan Gal. in the arboretum is an attorney here in town, and is sure she
must have a business manager to run the place.  (Gail or Gayle something.)
Anyway, she said we should call her and invite her to lunch so you could talk
with her.

K, J & G are coming in Sat. for Karin's haircut.  Always anxious to see
Grayson.

Hope our tickets to "Chorus Line" are good.  I'm really looking forward to
it.  The performance starts at 2:30--a decent hour for you to get here.  We
can go out for drinks and dinner afterward.

Glad your painting turned out well.  Looking forward to seeing what a
difference it makes.  Have a good weekend.    love, mum


thanks for the update.  Please keep me updated today.....

Jeff

	Enron North America Corp.

	From:  Clayton Seigle                           10/12/2000 09:27 AM

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: follow up on Saudi

Just to reiterate:  Yes the Saudis are against $40 oil or above.  However, if
the Israel thing gets bad and a lot of people die or it turns into a
religious war over al-Aqsa mosque, the rulers will come under serious
pressure to not help the West by producing more oil.

Arab leaders are holding a summit Oct 21 in Cairo.

CJS


Please also take a look at the resid curve/Pan Nat positions...Thanks.

Brent A Price
12/12/2000 11:18 AM
To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc: Thomas Myers/HOU/ECT@ECT, Larry Lawyer/NA/Enron@Enron
Subject: Potential 4th Qtr. Write-offs

Attached is a revised 4th Qtr. outlook schedule with potential write-offs
included as discussed this morning.  We will be verifying these amounts over
the next few days and I will let you know if there are any changes.  Let me
know if you have any questions or comments


Tight time frame for Mike & co. on metals deliverables.  Raises the question
around the timing of next week's visit on metal.  Will we divert critical
resources from these efforts.   --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 04/04/2001 09:48 AM
---------------------------

Mike Jordan
04/04/2001 09:27 AM
To: Richard Causey/Corp/Enron@ENRON, Rick Buy/Enron@EnronXGate, Sally
Beck/HOU/ECT@ECT, Ted Murphy/LON/ECT@ECT
cc:
Subject: Merchanting Metals Update #2

Please find attached the most recent update for Merchanting Metals.

In summary the planned systems changes and manual substantiation efforts are
behind schedule. Additional resources are being allocated and the situation
is being closely monitored ( both for quarter end signoff and on going
operations ).

Please contact me if you require any additional information

Mike

---------------------- Forwarded by Mike Jordan/LON/ECT on 04/04/2001 13:59
---------------------------

Mike Jordan
03/04/2001 16:29
To: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Joe
Gold/LON/ECT@ECT, Michael Farmer/EU/Enron@ENRON, Michael J
Hutchinson/EU/Enron@Enron, Paul Freeman/EU/Enron@Enron
cc: Fernley Dyson/LON/ECT@ECT, Andrew Cornfield/LON/ECT@ECT, Howard
Carter/EU/Enron@Enron, Nigel Grace/EU/Enron@Enron, Mark Pickering/LON/ECT@ECT

Subject: Merchanting Metals Update #2

The intention of the efforts and actions documented in my earlier update (
see attached email ) was to provide
a robust position signoff process for total metal tonnage, spread and brand
and location
a timely substantiation of
stock on balance sheet
forward MTM
debtors and creditor balances
OBSF transactional values and a reconciliation of the barclays intercompany
account

Despite the best efforts of IT, continuing problems with the AS400
application, a better understanding of the inconsistency between stock
reconciliation reports, and concerns over the useability of the outright
stock screen enquiry are such that I am currently not confident of delivering
sufficient accurate information to AA to satisfy their audit requirements -
which at a macro level is the transparent audit trail between stock and
forward positions to full accounting values.

Consequently I need to inform you of, and/or require your approval for, the
following :

I will discuss with AA the following
that OBSF values within the extended trial balance may be misstated due to
data issues ( above and beyond existing conversations with AA on model
simplifications)
that there are reconciling differences between trader position analyses,
AS400 on screen enquiries and the formal global position report ( these
differences are at present not understood but would need to be provided to AA
within the audit timetable)
an outline of the internal balance sheet review process described in my
earlier note which must now be reprioritised and rescoped ( see MO work )
The creation of an incentive payment pool ( possibly via personal best awards
) for key Metals staff who continue to work exceptionally unsociable hours to
meet the above stated objectives
The signoff for additional permanent 'Enron' headcount who will 'duplicate'
certain key position control processes ultimately replacing some existing
Traffic staff
A reconciling difference of $15mm exists between the reported DPR and the
final accounting p&l as generated on the AS400. We will continue to
investigate potential misstatements in the system p&l, as a result of data or
system valuation problems, within the month end reporting timeframe. However,
this difference may need to be adjusted for following a final review and
signoff of system p&l values with traders.
The recall of all OBSF stock in early April and retention on balance sheet (
reduced where economically viable ) until positions are fully reconciled and
repeatable daily signoff process can be instigated.

Middle Office work being prioritised is as follows
the stock circularisation initiated for close of business 23 rd - with full
reconciliation of returns to current system data by traffic/co-ordination
an audit of the stock and forward valuation report for the 30 th ( replacing
planned 23 rd review due to system issues ), requiring
full download of contract detail for later reference
reconciliation of stock movements between 23 rd and 30 th
sample tests of vanilla forward transactions
detailed position analysis of all OBSF contracts that must be reconciled to
Barclays documentation
spreadsheet recalculation of OBSF option premium utilising the above manually
created position analysis
the circularisation of Barclays intercompany account and comparison to our
cut off and substantiation analysis
the debtors/creditors partial circularisation initiated for close of business
23 rd

I will be in touch directly re the items needing approval

Regards

Mike
---------------------- Forwarded by Mike Jordan/LON/ECT on 29/03/2001 20:51
---------------------------

Mike Jordan
21/03/2001 18:20
To: John Sherriff/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT, Rick
Buy/Enron@EnronXGate, Richard Causey/Corp/Enron@ENRON, Ted
Murphy/LON/ECT@ECT, Sally Beck/HOU/ECT@ECT
cc: Fernley Dyson/LON/ECT@ECT, Joe Gold/LON/ECT@ECT, Michael
Farmer/EU/Enron@ENRON, Michael J Hutchinson/EU/Enron@Enron

Subject: Merchanting Metals update

Several related issues have resulted in an increase in the level of operating
risk for the Merchanting Metals business.

Complexities surrounding the operation of the Off Balance Sheet Facility
("OBSF") which commenced two weeks before the year end.
The uncertainty generated by the revocation of AA's signoff for the facility
late in the year end audit.
The discovery of a number of 'bugs' within the AS400 Merchanting code,
arising from the release of OBSF designed functionality, which compounded the
operational burden of supporting the OBSF.
The requirement to amend the operational process and OBSF IT code as a result
of the current renegotiation of the OBSF with Barclays ( and AA ).
The senior IT developer for Merchanting has resigned and been sent on
gardening leave.
The Corporate requirement to lower working capital usage for the Merchanting
business irrespective of the above parochial business issues.

Various mitigating actions have been and will be taken to provide focus, gain
comfort over control levels and to provide assurance to senior management as
to the accuracy of the Q1 DPR and business balance sheet.

The implementation for SAP for the Merchanting business has been delayed and
effectively decoupled from the higher risk ( higher benefit ) Brokerage
implementation - benefit is to provide sole focus on OBSF for IT Merchanting
developers.
The AR/AP SAP data quality reviews for both businesses are continuing so as
to provide a detailed analysis as at end Q1.
Middle Office have instigated a new daily working capital report process
tracking cash settlement/ funding data to working capital components for all
Metals businesses.
An enhanced position signoff process will be implemented prior to end Q1
covering gross tonnage, spread positions and summarised analyses for brand
and locations. The necessary report functionality should be available within
the AS400, however contingencies have been initiated to build tactical
VBA/excel reports outside of the AS400 but using AS400 data downloads.
User requests for additional AS400 functionality and reports have been
aggressively prioritised and a code freeze will commence prior to the end of
Q1 following the delivery of three reports determined as minimum requirements
for the support of OBSF.
A resubstantiation of the full Q1 DPR will be completed by the Risk control
staff reconciling the full trial balances between Q1 open and Q1 close
A full internal balance sheet review will be completed within the Q1 audit
timetable which incorporates
A full circularisation of inventory balances, and matching to source
documentation within Enron
Inspection of certain of the above inventory balances, by third party
inspectors, where there is an expectation that circularisation replies will
not be received on a timely basis
Substantive checks back to source contract documentation for the forward
priced and unpriced positions report ( spot checking the key position report
signed off by the traders )
Full reconciliation and recalculation of OBSF option premium values
Full reconciliation of contracts within the OBSF to Barclays documentation (
thereby substantiating existence of stock that we have option to purchase )
and to AS400 Barclays account
A risk based debtors review - matching to source documentation, where
applicable, and any subsequent post quarter end cash movements
A full substantiation of creditors to internal ( contract commitments ) or
external documentation ( invoices/request for payment )
A full reconciliation of intercompany accounts
A full substantive reconciliation of cash and funding accounts

I intend to provide weekly updates on the status of the above actions during
April

If you have any questions please call me on x34703

Regards

Mike


Under "Legal Issues ...", the fourth bullet point:  capitalize the words
"Exemption" and "Eligible Swap Participant".

I'll be in the office for the next few days if something comes up.

Sara


Lora - Please send this to Bob Fisher
---------------------- Forwarded by Chris Long/Corp/Enron on 11/16/99 05:28
PM ---------------------------

"Stephen Burns" <sburns@pecc.org> on 11/16/99 05:50:13 PM
To: Joe Hillings/Corp/Enron@ENRON
cc: Lora Sullivan/Corp/Enron@ENRON, Chris Long/Corp/Enron@ENRON

Subject: energy services coalition web page?

To get our message out we need to go electronic.

Please click on this link:   http://www.pecc.org/energy/esc.html

This was done in only a few hours.  A job done by professionals would look
much better.

But as our friend from the French embassy mentioned, we really should have
a web page to disseminate our information to a broader audience.  We can
put a great deal of our information up for public information.  We can even
create a "members section" where the coalition members use a password to go
for latest developments, information on progress on the working groups etc.
 We can have a "chat" section where we talk to each other, and again, where
working group members exchange information with each other and with Hills &
Co.

The possibilities really are endless.  But efficient!

Steve

----------------------------------------------------------------------------

Stephen Burns, Executive Director, PECC Energy Forum
1112 16th St., NW, Suite 520, Washington, DC 20036
Tel: 1-202-293-3995  Fax: 1-202-293-1402
web site: http://www.pecc.org/energy


Based on the response below and and the other responses to Ed Cattigan's message, and assuming this has been approved by the attorney, I agree with the proposal. Jim

-----Original Message-----
From: Astramowicz, Jarek
Sent: Tuesday, November 27, 2001 3:46 AM
To: Cattigan, Ed; Overfield, Adam; Forycki, Krzysztof; Edgley, Anne;
Wantschek, Lloyd; Derrick Jr., James
Cc: Glowacki, Jacek; Martin, Sophie; Hackett, Christian; Willott, Carys;
Muscroft, Brian; Parrish, Paul E.
Subject: RE: ENS - Draft Form of Acceptance

I agree with your proposal - this is probably the best we could do anyway.

I think you have done a piece of good but frustrating work there.

Jarek

-----Original Message-----
From: Cattigan, Ed
Sent: 26 November 2001 15:30
To: Astramowicz, Jarek; Overfield, Adam; Forycki, Krzysztof; Edgley,
Anne; Wantschek, Lloyd; Derrick Jr., James
Cc: Glowacki, Jacek; Martin, Sophie; Hackett, Christian; Willott, Carys;
Muscroft, Brian; Parrish, Paul E.
Subject: FW: ENS - Draft Form of Acceptance

Good Afternoon

Attached are 2 documents in relation to final Settlement of the outstanding Delay in Start up (relating to the replacement of the previously damaged rotor) claim. One is a detailed history of the claim and the other a final acceptance notice proposed by the brokers.

I have been negotiating the outstanding portion of the claim now for nearly 9 months and believe that due to the circumstance surrounding the late delivery of the rotor and the advice of external council this settlement is acceptable to ENS. Will you please advise wether you agree with accepting this sum as full and final settlement.

In way of context this settlement is $750k of a possible $901k an 83% success on a claim we had been advised would not have been worth taking to arbitration if the insurers had become difficult.

regards

Ed

Sophie. Could you please confirm that you are happy with the wording of the acceptance notice.
NOTE I would really like to complete this by Wednesday this week as this is my last week.

-----Original Message-----
From: BODIMEADE, Alfred [mailto:ABodimeade@heathlambert.com]
Sent: 26 November 2001 10:34
To: 'Ed Cattigan'
Subject: FW: ENS - Draft Form of Acceptance

Ed
Let me know a.s.a.p. if you have any problem.
I think the figures are correct.
Alf


COLOMBIA: Colombia sets new date for key utility privatization.
12/13/2000
Reuters English News Service
(C) Reuters Limited 2000
MARKET TALK: Reading Into Liquidty At Investment Banks
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

MARKET TALK: Bush Tax Cuts May Get Pushed Through
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

MARKET TALK: It's Not High Court, But HMOs Get Big Ruling
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

MARKET TALK: Short-Term Gains On March S&Ps May Be Capped
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

MARKET TALK: Technical Look at Toronto Exchange
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

COLOMBIA: Colombia sets new date for key utility privatization.
12/13/2000
Reuters English News Service
(C) Reuters Limited 2000.

BOGOTA, Dec 13 (Reuters) - The embattled Colombian government on Wednesday
set a deadline of June 30 next year for its often delayed privatization of
state-run power generator ISAGEN.
The 1,636 megawatt generator, the country's third-largest and valued at about
$450 million, was most recently due to have been sold by Sept. 30 as part of
a year-old plan agreed with the International Monetary Fund to help boost
government revenues and meet tight budget targets.
But it was delayed indefinitely until just last week when the Council of
State - a tribunal set up to resolve disputes between the government and
private sector - struck down an injunction blocking the sale that was based
on a complaint from Empresas Publicas de Medellin (EPM), Colombia's largest
public utility.
EPM has argued that it has been unfairly excluded from the bidding process
for ISAGEN by government regulators, on grounds that its ownership of the
company would violate antitrust laws by giving it a virtual monopoly over
Colombia's power generating capacity.
Finance Minister Juan Manuel Santos said in September that the government was
determined to finalize the ISAGEN sell-off by the end of this year, once the
Council of State ruled as expected in the government's favor.
But Santos, who spoke to reporters as he emerged from a cabinet meeting at
the presidential palace, said legal loopholes, possible changes in the
price-tag for ISAGEN, and the need to update paperwork related to its
privatization would now postpone the deal until June 30.
"We have to restart this whole process. We're going to study the valuation
and reopen negotiations with possible buyers to see how we can put ISAGEN up
for sale at the best price as soon as possible," Santos said.
The sale of ISAGEN, considered one of the crown jewels in the government's
troubled privatization program, had originally been expected to take place
last December. It was later slated for the first half of 2000, at a time when
government sources said leading bidders included U.S. energy group Enron .
The sell-off in the first half of this year was delayed, until the elusive
Sept. 30 deadline, amid a flurry of attacks on the national power grid by
Marxist rebel saboteurs and legal challenges to the sale from ISAGEN's own
labor union.
MARKET TALK: Reading Into Liquidty At Investment Banks

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:58 (Dow Jones) As credit quality concerns dog investors, Bear Stearns'
analyst Amy Butte says in a report Wednesday that investment banks are
increasing liquidity to historically high levels, which could be a sign of
either a more conservative bent or a premonition of risk, she said. (CWM)
2:48 (Dow Jones) Gridlock may put some of Bush's measures, such as school
vouchers and Social Security privatization, on hold. But rebel Democrats may
help pass all or most of Bush's tax cuts, says economist Ian Morris at HSBC.
That wouldn't prevent hard landing in 2001, but the stimulus will be felt by
2002. By 2003, Morris says, the surplus could be more like $250 billion than
CBO's projected $400 billion. (SV)
2:39 (Dow Jones) OK, so it wasn't an unprecedented ruling that determined our
next president, but there was a big ruling in the HMO arena concerning
provider lawsuits. Chase H&Q calls judge's decision granting certain parts
and denying other parts of various defendant's motions a minor victory for
HMOs. Ruling positive for Wellpoint (WLP) and Aetna (AET), mildly positive
for Cigna (CI) and United Healthcare (UNH), mixed for PacifiCare (PHSY), and
has no impact on Humana (HUM). (TG)
2:30 (Dow Jones) March S&Ps, which have spent all day in negative territory,
are focusing on the fundamentals now that the election outcome is more
certain. And the fundamentals don't look too bullish, given the earnings
warnings of recent days, particularly from computer and chip-makers,
off-floor traders say. "We probably won't be heading any higher tomorrow than
where we are today," he said. (ZHS)
2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
MARKET TALK: Bush Tax Cuts May Get Pushed Through

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:48 (Dow Jones) Gridlock may put some of Bush's measures, such as school
vouchers and Social Security privatization, on hold. But rebel Democrats may
help pass all or most of Bush's tax cuts, says economist Ian Morris at HSBC.
That wouldn't prevent hard landing in 2001, but the stimulus will be felt by
2002. By 2003, Morris says, the surplus could be more like $250 billion than
CBO's projected $400 billion. (SV)
2:39 (Dow Jones) OK, so it wasn't an unprecedented ruling that determined our
next president, but there was a big ruling in the HMO arena concerning
provider lawsuits. Chase H&Q calls judge's decision granting certain parts
and denying other parts of various defendant's motions a minor victory for
HMOs. Ruling positive for Wellpoint (WLP) and Aetna (AET), mildly positive
for Cigna (CI) and United Healthcare (UNH), mixed for PacifiCare (PHSY), and
has no impact on Humana (HUM). (TG)
2:30 (Dow Jones) March S&Ps, which have spent all day in negative territory,
are focusing on the fundamentals now that the election outcome is more
certain. And the fundamentals don't look too bullish, given the earnings
warnings of recent days, particularly from computer and chip-makers,
off-floor traders say. "We probably won't be heading any higher tomorrow than
where we are today," he said. (ZHS)
2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
MARKET TALK: It's Not High Court, But HMOs Get Big Ruling

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:39 (Dow Jones) OK, so it wasn't an unprecedented ruling that determined our
next president, but there was a big ruling in the HMO arena concerning
provider lawsuits. Chase H&Q calls judge's decision granting certain parts
and denying other parts of various defendant's motions a minor victory for
HMOs. Ruling positive for Wellpoint (WLP) and Aetna (AET), mildly positive
for Cigna (CI) and United Healthcare (UNH), mixed for PacifiCare (PHSY), and
has no impact on Humana (HUM). (TG)
2:30 (Dow Jones) March S&Ps, which have spent all day in negative territory,
are focusing on the fundamentals now that the election outcome is more
certain. And the fundamentals don't look too bullish, given the earnings
warnings of recent days, particularly from computer and chip-makers,
off-floor traders say. "We probably won't be heading any higher tomorrow than
where we are today," he said. (ZHS)
2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
1:00 (Dow Jones) Tech boutique Thomas Weisel Partners reiterated its buy
rating and raised its 2001 revenue projections for SonicWall (SNWL), to
$125.2 million from $106.4 million, saying the computer firewall maker's
acquisition of Phobos will boost market share in internal transaction
security as well as traditional firewall appliances. "Visibility and and
business momentum continue to be strong," said analyst Mark Edelen. (MER)
12:56 (Dow Jones) March Nasdaqs and S&Ps are incurring losses on
profit-taking, said floor traders, who were intrigued by their fall even when
it has become clear that Al Gore, whose defeat was seen as bullish for the
stock futures market, is reportedly going to concede. "There's no uncertainty
left in the market," quipped one floor trader. (ZHS)
12:40 (Dow Jones) Lehman opened up coverage on a passel of Internet
infrastructure service companies, with an outperform rating on Digex (DIGX),
Genuity (GENU) and InterNAP (INAP). Harry Blount is looking past current
turbulence in the stocks to a time of "powerful secular growth." The
companies, Blount says, "have among the most compelling business models of
any emerging growth sector in the stock market." Among the pluses he cites
are steady revenue, scalable business models and decreasing capital costs as
the companies reach critical mass.
12:21 (Dow Jones) Wounded Linux stocks rallying for second straight day after
IBM CEO Gerstner said Tuesday that Big Blue would invest $1 billion next year
commercializing the renegade operating system. After seeing their stocks drop
as much as 95% this year, Red Hat (RHAT), VA Linux, (LNUX) and Caldera (CALD)
are each up more than 20%. (MLP)
12:14 (Dow Jones) Stanley Furniture's (STLY) 4Q sales and earns warning comes
on same day that Commerce, in its retail sales report, said overall furniture
sales surged 1.5% in Nov. - biggest monthly jump in about a year. Maybe
coincidental, maybe a holiday phenom. But it's still interesting that sales
climbing amid clear signs of general earnings weakness in furniture business.
Stanley, a thinly traded stock, off 8% at 21.32. (GC)
12:10 (Dow Jones) Bond market issuance was down 25% during the first three
quarters of the year amid the Fed's interest rate hiking campaign, the Bond
Market Association says. Total issuance totaled $1.6 trillion through Sept.
to $15.6 trillion in outstanding debt. (MSD)
11:57 (Dow Jones) Veritas (VRTS) continues to feel pressure (shares down 6%)
amid concerns it will suffer from weakness in Sun Microsystems' (SUNW) server
business, which accounts for a chunk of its storage software sales. But
Merrill defends Veritas, saying it's on track to meet or exceed fourth
quarter targets and investors should use volatility to load up on Veritas.
(MLP)
11:51 (Dow Jones) A lot of news and bond friendly data today, but not any big
changes in sentiment. As tech names trade in negative territory, Treasurys
are holding a bid. But traders say flows are going both ways, suggesting that
a rebound in stocks will be enough to push Treasury prices back toward
unchanged on the day. (SV)L)
MARKET TALK: Short-Term Gains On March S&Ps May Be Capped

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:30 (Dow Jones) March S&Ps, which have spent all day in negative territory,
are focusing on the fundamentals now that the election outcome is more
certain. And the fundamentals don't look too bullish, given the earnings
warnings of recent days, particularly from computer and chip-makers,
off-floor traders say. "We probably won't be heading any higher tomorrow than
where we are today," he said. (ZHS)
2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
1:00 (Dow Jones) Tech boutique Thomas Weisel Partners reiterated its buy
rating and raised its 2001 revenue projections for SonicWall (SNWL), to
$125.2 million from $106.4 million, saying the computer firewall maker's
acquisition of Phobos will boost market share in internal transaction
security as well as traditional firewall appliances. "Visibility and and
business momentum continue to be strong," said analyst Mark Edelen. (MER)
12:56 (Dow Jones) March Nasdaqs and S&Ps are incurring losses on
profit-taking, said floor traders, who were intrigued by their fall even when
it has become clear that Al Gore, whose defeat was seen as bullish for the
stock futures market, is reportedly going to concede. "There's no uncertainty
left in the market," quipped one floor trader. (ZHS)
12:40 (Dow Jones) Lehman opened up coverage on a passel of Internet
infrastructure service companies, with an outperform rating on Digex (DIGX),
Genuity (GENU) and InterNAP (INAP). Harry Blount is looking past current
turbulence in the stocks to a time of "powerful secular growth." The
companies, Blount says, "have among the most compelling business models of
any emerging growth sector in the stock market." Among the pluses he cites
are steady revenue, scalable business models and decreasing capital costs as
the companies reach critical mass.
12:21 (Dow Jones) Wounded Linux stocks rallying for second straight day after
IBM CEO Gerstner said Tuesday that Big Blue would invest $1 billion next year
commercializing the renegade operating system. After seeing their stocks drop
as much as 95% this year, Red Hat (RHAT), VA Linux, (LNUX) and Caldera (CALD)
are each up more than 20%. (MLP)
12:14 (Dow Jones) Stanley Furniture's (STLY) 4Q sales and earns warning comes
on same day that Commerce, in its retail sales report, said overall furniture
sales surged 1.5% in Nov. - biggest monthly jump in about a year. Maybe
coincidental, maybe a holiday phenom. But it's still interesting that sales
climbing amid clear signs of general earnings weakness in furniture business.
Stanley, a thinly traded stock, off 8% at 21.32. (GC)
12:10 (Dow Jones) Bond market issuance was down 25% during the first three
quarters of the year amid the Fed's interest rate hiking campaign, the Bond
Market Association says. Total issuance totaled $1.6 trillion through Sept.
to $15.6 trillion in outstanding debt. (MSD)
11:57 (Dow Jones) Veritas (VRTS) continues to feel pressure (shares down 6%)
amid concerns it will suffer from weakness in Sun Microsystems' (SUNW) server
business, which accounts for a chunk of its storage software sales. But
Merrill defends Veritas, saying it's on track to meet or exceed fourth
quarter targets and investors should use volatility to load up on Veritas.
(MLP)
11:51 (Dow Jones) A lot of news and bond friendly data today, but not any big
changes in sentiment. As tech names trade in negative territory, Treasurys
are holding a bid. But traders say flows are going both ways, suggesting that
a rebound in stocks will be enough to push Treasury prices back toward
unchanged on the day. (SV)
MARKET TALK: Technical Look at Toronto Exchange

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
1:00 (Dow Jones) Tech boutique Thomas Weisel Partners reiterated its buy
rating and raised its 2001 revenue projections for SonicWall (SNWL), to
$125.2 million from $106.4 million, saying the computer firewall maker's
acquisition of Phobos will boost market share in internal transaction
security as well as traditional firewall appliances. "Visibility and and
business momentum continue to be strong," said analyst Mark Edelen. (MER)
12:56 (Dow Jones) March Nasdaqs and S&Ps are incurring losses on
profit-taking, said floor traders, who were intrigued by their fall even when
it has become clear that Al Gore, whose defeat was seen as bullish for the
stock futures market, is reportedly going to concede. "There's no uncertainty
left in the market," quipped one floor trader. (ZHS)
12:40 (Dow Jones) Lehman opened up coverage on a passel of Internet
infrastructure service companies, with an outperform rating on Digex (DIGX),
Genuity (GENU) and InterNAP (INAP). Harry Blount is looking past current
turbulence in the stocks to a time of "powerful secular growth." The
companies, Blount says, "have among the most compelling business models of
any emerging growth sector in the stock market." Among the pluses he cites
are steady revenue, scalable business models and decreasing capital costs as
the companies reach critical mass.
12:21 (Dow Jones) Wounded Linux stocks rallying for second straight day after
IBM CEO Gerstner said Tuesday that Big Blue would invest $1 billion next year
commercializing the renegade operating system. After seeing their stocks drop
as much as 95% this year, Red Hat (RHAT), VA Linux, (LNUX) and Caldera (CALD)
are each up more than 20%. (MLP)
12:14 (Dow Jones) Stanley Furniture's (STLY) 4Q sales and earns warning comes
on same day that Commerce, in its retail sales report, said overall furniture
sales surged 1.5% in Nov. - biggest monthly jump in about a year. Maybe
coincidental, maybe a holiday phenom. But it's still interesting that sales
climbing amid clear signs of general earnings weakness in furniture business.
Stanley, a thinly traded stock, off 8% at 21.32. (GC)
12:10 (Dow Jones) Bond market issuance was down 25% during the first three
quarters of the year amid the Fed's interest rate hiking campaign, the Bond
Market Association says. Total issuance totaled $1.6 trillion through Sept.
to $15.6 trillion in outstanding debt. (MSD)
11:57 (Dow Jones) Veritas (VRTS) continues to feel pressure (shares down 6%)
amid concerns it will suffer from weakness in Sun Microsystems' (SUNW) server
business, which accounts for a chunk of its storage software sales. But
Merrill defends Veritas, saying it's on track to meet or exceed fourth
quarter targets and investors should use volatility to load up on Veritas.
(MLP)
11:51 (Dow Jones) A lot of news and bond friendly data today, but not any big
changes in sentiment. As tech names trade in negative territory, Treasurys
are holding a bid. But traders say flows are going both ways, suggesting that
a rebound in stocks will be enough to push Treasury prices back toward
unchanged on the day. (SV)


Start Date: 4/26/01; HourAhead hour: 3;  HourAhead schedule download failed.
Manual intervention required.


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  , 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude Spread     http://www.carrfut.com/research/Energy1/crudespread50.pdf
Heat Spread     http://www.carrfut.com/research/Energy1/heatspread50.pdf
Unleaded Spread
http://www.carrfut.com/research/Energy1/unleadspread50.pdf

Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack50.pdf
Gas Crack     http://www.carrfut.com/research/Energy1/gascrack50.pdf

Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606  USA
Tel:  312-368-6149
Fax:  312-368-2281
soblander@carrfut.com
http://www.carrfut.com


As you know, we have substantially wrapped up our work related to this
project.  Today, we are making what I hope are final changes to the maps and
deliverables, with the anticipation that we will deliver to you complete
binders by Wednesday.

One issue that we wanted to communicate relates to the use of manual payment
processes and the risk that processing manual payments presents in the
automated Unify/SAP environment.  This issue was raised by Melissa during our
discussion of the manual cash reconciliation effort caused by the inability
of SAP to auto-match cash receipts and disbursements in situations where the
money has moved or been received, but the corresponding JE has not been made
in SAP.  Both Melissa and Cindy Morrow have been involved in subsequent
discussions related to the below-mentioned risks.

1.  Risk of JE and payment duplication:

Payments taken directly to Treasury and underlying transaction is recorded in
Unify:
 In the event that the transaction giving rise to the manual payment is
entered initially into Unify (which would be the case for all normal
commodity payments, excluding broker fee and broker margin payment
transactions), a risk exists that the payment could be recorded and paid
twice (once by either A/P or Treasury when the manual payment is wired and
subsequently recorded, and once during the normal Unify to SAP interface).
Process controls will be put in place to mitigate this risk; however, all
controls will be people-based, not system-based.  It is too late to rebuild
the Unify to SAP interface to better address the use of manual payments.  One
additional suggestion might be to work with each group to reduce the use of
manual payments except under well-defined, important circumstances.

Payments taken to Treasury, and underlying transaction is recorded directly
to SAP (does not go through Unify):
If the payment is not entered into SAP with payment method "J", A/P will not
realize that the payment has already been made and will process the
disbursement a second time.

2.  Risk of understated expense:

Payments taken to Treasury and underlying transaction is recorded in Unify:
For manual payments that are not finalized in Unify (a process performed in
the system to mark an invoice as final) by month-end (but the disbursement
has already happened), expense will be understated.

Payments taken to Treasury, and underlying transaction is recorded directly
to SAP (does not go through Unify):
If payment is not input into SAP by month-end but cash has moved, expense
will be understated.  (Cash outflow account will show a credit balance which
will be flipped to A/P, but no income statement entry will be made at that
time.)

3.  Risk of cash misappropriation:

In addition to the above risks related to the use of manual payments, we also
believe that a risk exists related to the use of Excel-generated counterparty
invoices and the lack of segregation between the person responsible for
preparing these invoices and also for handling/having access to the related
accounting records.  We believe that it may be possible for a settlements
coordinator to change the bank routing instructions or bank account number on
the Excel invoice mailed to the counterparty and then manipulate the
accounting records during the cash application process to either write off
the account balance or to reflect the receivable as being paid while
constantly moving cash application balances from one counterparty to another
(so that no one account balance ages past an acceptable range).  We have been
unable to determine a set of control procedures that would mitigate this risk.

4.  Revision to counterparty banking details:

We are currently investigating the procedure performed by Treasury when
problems with bank account details cause payments to kick-out of Treasury
workstation.  If the risk of misappropriation exists related to this
procedure, we will separately communicate.

The above may be unclear.  If so, we would be glad to sit down with you for
15 minutes or so and clarify.  Please let me know if you have any questions.

Thank you for the opportunity to work on this project.


Please, take a look at this resume.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/04/2001
04:12 PM ---------------------------

"Kate Szablya" <kate@powerbrokersllc.com> on 04/02/2001 04:37:18 PM
To: "Vince Kaminsky" <vkamins@enron.com>
cc:
Subject: Joao Neves

Vince,
I wanted to follow up with you to see if you had an  opportunity to review
Joao Neves' resume, which I sent?you last Wednesday,  and to get your
feedback on him.
?
Please?let me know if you are interested in?setting  up an interview.
?
Also, I will be in Houston the afternoon of? Friday,  4/13, and would welcome
the opportunity to meet with you in person, if your  schedule allows.?
?
I look forward to hearing from you.
?
Regards,
?
Kate Szablya
Power Brokers, LLC
Energy Search and  Recruitment
303-716-2987
303-619-7589 cell
303-716-3426  fax
kate@powerbrokersllc.com
www.powerbrokersllc.com
?
?


We have extensions of time to file suit against Underwriters in both the above-referenced matters that expire at the end of December.  I would suggest a three-month extension of time to file suit in both, given the present circumstances.  That does not mean, of course, that we can't file earlier than that.

Please let me know.

Britt

-----Original Message-----
From: Ted Rosen [mailto:trosen@jwortham.com]
Sent: Wednesday, December 05, 2001 2:49 PM
To: Davis, Britt; Marshall, David
Cc: Studdert, James P.
Subject: Ocean Cargo Claims

David / Britt:

Further to our telephone conversation this afternoon, I spoke to Sharron West about extensions of suit time.  Sharron is very sympathetic to the situation.  She has requested from Britt a letter with a listing of the claims for which Enron is requesting that underwriters grant an extension.

Sharron agrees that on-going claims such as the INDUSTRIAL BRIDGE are not prejudiced by any bankruptcy proceedings.  The only issue really is to whom any claim proceeds would be paid.  If there is a trustee, I assume that the claim would be paid to the trustee.

Regards,

Ted Rosen


To all,

I visited with Kam earlier today to revisit the positions in the SE book and
we discovered the following:

City of Madison transport: transfer to Pete's book for 10/01 and forward
MGAF transport:  write down 2007-2020 position.  Loss of about $500K - Scott
as we spoke, I'll take the blame
LRC/Stringray positions:  Kam to review and explain
Annuity:    Origination total of about 90K, net with 500 loss from above
Alagasco:   Tammi deal, Sonat Tier 2 position
Others:    As I explained to Kam, any gain from closing this book should be
transferred for the
    account of Jared Kaiser
            Bank of America
           ABA 0011.....just kidding!  It comes from sitting by Sandra too
long.

Kam - thanks for your help and let me know if you need my help.  As well,
please reply if I have not covered all issues.

Regards,

Jared


There will be a Staff Meeting with Kevin Presto TODAY in 32c2 from 4 - 5pm.

Thanks

T.Jae Black
East Power Trading
Assistant to Kevin Presto
off. 713-853-5800
fax 713-646-8272
cell 713-539-4760


Attached is the final version of the letter that was filed today at FERC requesting that the Commissioners take action to require a single Midwest RTO.  The RTO dockets are scheduled for action at tomorrow's FERC meeting.

 -----Original Message-----
From: 	Fulton, Donna
Sent:	Tuesday, October 23, 2001 9:50 AM
To:	Hawkins, Bernadette
Subject:


Thank you all for being so responsive.

I'm still waiting for claims on:
Ameren
AIG
CLECO
Colonial
ConAgra
Dominion
Enterprise
Chase
Noble
Cornerstone
Occidental
Carolina Power and Light
Southern Co.
Western Gas Resources

Anyone? Please let me know by noon today.

Thanks again for your help.

Jennifer


Thought you might like to see this note from Max on the doorstep review in
Monterrey.  Beth is a great addition and has made a very positive impact
already.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 03/09/2001 04:54 PM
---------------------------

Max Yzaguirre@ENRON
03/09/2001 04:37 PM
To: Beth Apollo/Enron@EnronXGate
cc: Sally Beck/HOU/ECT@ECT
Subject: Gordon Heaney's Acceptance

Beth:

Thanks for the note regarding Gordon.  I appreciate the quick turnaround time
on it, and I agree that he should be a helpful addition to the team.

Put me down as a fan of the doorstop review process.

Best regards - Max


Part 2

The Bowl Outlook

The Longhorns' victory over the Aggies assured them a spot in a major bowl
game.
It probably will be the Holiday Bowl in San Diego on against Pacific Coast
tri-champion Oregon State, a very good 10-1 team.
But it could be the Cotton Bowl for a third straight year against an SEC
power.
Let's look at the Big 12 Conference's bowl setup:
1. Champion gets an automatic BCS bowl bid.
a. If OU loses to Kansas State, the Sooners might get a BCS at-large bowl
bid.
2. Cotton Bowl, Jan. 1, payout $2.5 million, picks first after BCS bowls fill
up. 10 a.m. Fox
3. Holiday Bowl, Dec. 29, payout $1.9 million, gets second pick. 7:30 p.m.
ESPN
4. Alamo Bowl in San Antonio, Dec. 30, payout $1.2 million, comes  next. 7
p.m. ESPN
5. Insight.com Bowl in Tucson, Dec. 28, payout $750,000, gets the next bid.
6:30 p.m. ESPN
6. Independence Bowl in Shreveport, Dec. 30, payout $1.1 million. 7 p.m. ESPN
7. Galleryfurniture.com Bowl in Houston, Dec. 27, payout $750,000, comes last
in the Big 12 pecking order. 7 p.m. ESPN-2
The bowl bids won't go out until after the Big 12 title game this weekend,
but Kansas State probably needs to beat Oklahoma and win the automatic BCS
berth to avoid falling to the lower-ranking bowls on the Big 12 list.
K-State coach Bill Snyder is outstanding at winning games, but is not popular
with the bowl committee members because they feel he is a very reluctant
participant in the pre-bowl festivities.
So, the Wildcats probably won't affect the Longhorns' bowl hopes because they
will either beat Oklahoma and get an automatic BCS bid or the will lose to
the Sooners and be picked for a bowl bid after the Longhorns are already set.
I think Oklahoma will get a BCS bid, even if the Sooners lose to K-State
Saturday. In that case, the Sooners wouldn't affect the Longhorns' bowl
prospects either.
That leaves the bowls with Big 12 ties looking like this after the BCS picks:
Cotton Bowl - Nebraska (9-2) or Texas (9-2) vs. SEC team, probably Tennessee
(8-3)
Holiday Bowl - Texas (9-2) or Nebraska (9-2) vs. Oregon State (10-1)
Alamo Bowl -  probably Texas A&M (7-4) or Kansas State (10-2) vs.
Northwestern (8-3)
Insight.com Bowl - A&M (7-4) or Kansas State (10-2) vs. Big East team
Independence Bowl - Iowa State (8-3) vs. SEC team
Galleryfurniture.com Bowl - Texas Tech (7-5) vs. East Carolina (7-4)
I'm pulling for Texas to wind up in the Cotton Bowl game again because I'd
like for the Horns to win their last game this season and I think Tennessee
is a better matchup for UT than Oregon State.

FINAL BIG 12 STANDINGS

SOUTHERN DIVISION
Conference                  Season
W   L   PF    PA     Pct.      W   L    PF     PA     Pct.
Oklahoma        8    0  299   133   1.000   11    0   441   168    1.000
Texas           7    1  301   160     .875     9    2   425   197      .818
Texas A&M       5    3  201   152     .625     7    4   307   196      .636
Texas Tech  3    5  202   212     .375     7    5   303   238      .583
Okla. State     1    7  137   249     .125     3    8  202   303      .273
Baylor          0    8    82   343     .000     2    9   139   397      .182

NORTHERN DIVISION
Conference                  Season
W   L   PF     PA      Pct.     W    L   PF     PA      Pct.
Kansas State    6    2  578   186      .750   10     2   490    213     .833
Nebraska        6    2  338   163      .750     9     2   456   213     .818
Iowa State      5    3  220   242      .625     8     3   306   293     .727
Colorado        3    5  200   222      .375     3     8   252   284     .273
Kansas          2    6  179   308      .250     4     7   261   359     .363
Missouri        2    6  186   253      .250     3     8   255   348     .273

Last Week's Results
Texas 43, Texas A&M 17
Oklahoma 12, Oklahoma State 7
Nebraska 34, Colorado 32

2000 Longhorn Schedule, Record (9-2)
Texas  Opp.
Sept. 9     Louisiana-Laf.    52    10
Sept 16    at Stanford        24    27
Sept 23    Houston            48      0
Sept 30    Oklahoma State     42      7
Oct. 7       Oklahoma (Dallas)14        63
Oct. 14    at Colorado        28    14
Oct. 21    Missouri           46    12
Oct. 28    Baylor             48    14
Nov. 4      at Texas Tech     29    17
Nov. 11    at Kansas          51    16
Nov. 24    Texas A&M          43    17

Scoring by Quarters
Texas         58    133 117    117  -  425
Opponents     56      68        52      21  -  197

UT Women Win Tourney

Senior guard JoRuth Woods scored 19 points to lead the Texas women's
basketball team to a 78-74 over Denver late Sunday night in Cancun, Mexico,
in the championship game of the Torneo Cancun de Basquetbol.
Woods was the tourney MVP and was joined on the All-Tournament Team by 6-2
freshman forward Annissa Hastings, who came off the bench to score a
career-high 16 points to lead Texas to a 73-59 win over Louisville in the
first round of the tourney Saturday night.
Texas hit 23 of 33 free throws, including a six for eight performance  in the
final 30 seconds to ice the championship game.
The Longhorns are 5-1 and off to their best start since the 1996-97 season.
Coach Jody Conradt said she is "very pleased" with the way her young team is
improving.

Recruiting Roundup

Let's get the bad news out of the way first, because there is a lot of good
news to brighten the overall picture.
The bad news is that the Horns really have an uphill fight in their bid to
sign the state's top recruit ) DT Tommie Harris of Killeen Ellison.
Oklahoma has the inside track now, and the Sooners will have to stumble on
the field or in their  recruiting of Harris to give the Horns a chance to get
back in the race.
* * * *
Nearly all of the 19 recruits who have already committed to Texas have chosen
plan to take their official visits the Dec. 15 weekend, and so have most of
the players the Longhorns are still recruiting.
That is the weekend of the annual football banquet and the only Longhorn
pledges who won't be taking official visits that weekend are DE Eric Hall of
Clarksville, Tenn., who took his official visit earlier, and possibly players
like RB Cedric Benson of Midland Lee and QB-Athlete Kendal Briles of
Wollforth Frenship, because they play on teams that might be still alive in
the state playoffs in mid-December.
Benson, last year's Class 5A Offensive Player of the Year, had 19 carries for
201 yards and three touchdowns on runs of 26, 52 and 11 yards in a 45-14
thumping of El Paso Franklin in the state playoffs last weekend. He also
scored on a 52-yard screen pass.
Briles, last year's Class 4A Offensive Player of the year, completed 15 of 20
passes for 230 yards and five touchdowns in a 61-6 romp past El Paso Ysleta.
Briles, who led Stephenville to the state 4A title last year, has thrown for
more than 3,000 yards and 30 touchdown and has run for more than 800 yards
and 12 more TDs so far this season.
Despite rumors galore to the contrary, both Benson and Briles said they
remain solidly committed to Texas.
* * * *
With 19 scholarships already committed, Texas will give only five to seven
more this season. They could go as high as seven because they can count
punter Brian Bradford of Trinity Valley JC, who will enroll in January,
against last year.
The best players still available who list the Longhorns No. 1 are LB Derrick
Johnson of Waco, DL Kaelen Jakes of Valencia, Cal.; TE James Moses and DE
Jonathan Jackson, both of Galena Park North Shore; OL William Winston of
Houston Madison, safety Dewayne Brandon of Temple, athlete Quan Cosby of Mart
and DT Paul Broussard of Blinn JC.
Most of the remaining six or seven scholarships will go to the players in
that group.
DT Marquise Hill, 6-6, 300, 5.0, of New Orleans De La Salle, and DE Justin
Tomerlin, 6-7, 260, of San Clemente, Cal., are a couple of outstanding
prospects who might visit Texas, but they are the longest of long shots right
now.
* * * *
Top recruits who came to the A&M game were DTs Harris and Broussard, and
Longhorn commitments OLs Jonathan Scott of Dallas Carter, Mike Garcia of
Galena Park and Terrance Young of Longview, LBs Yamil Lebron of Killeen
Ellison and Lance McFarland of Jefferson and RB Anthony Johnson of Jefferson.
Two top junior prospects also were on hand ) OL Kyle Thornton, 6-5, 300, 5.2,
of Dallas St. Mark's and WR Anthony Wright, 6-3, 200, 4.5, of Klein Forest.
Thornton is the younger brother of Longhorn freshman DE starter Kalen
Thornton.
Aggie Injury Excuses Hollow
The Aggies players and coaches did a lost of post-game moaning about their
injury problems.
For the second straight year, Texas was missing starting QB Major Applewhite
against A&M and the Horns also were down to a backup FB, Chad Stevens,
playing TE because all three scholarship TEs were injured.
Two top DT reserves, Stevie Lee and Ryan Haywood, were lost for the season,
starting safety Lee Jackson and super DT Shaun Rogers have missed a lot of
time with injuries and redshirt freshman WR Artie Ellis, the guy who was
counted on to give those super freshmen some time to mature, had been out
nearly all year with a sore shin.
Then you have OL like Derrick Dockery and Antwan Kirk-Hughes who have been
battle sickness and/or injuries all year.
The point is that every team has injuries, and Texas has had more of them
this season than Texas A&M.

Basketball Team 3-1

Texas took a big early lead over  Indiana  Friday night and then held off a
Hoosier comeback for a 70-58 victory in the consolation game of the Tivo
Preseason NIT in New York City.
The Longhorns (3-1) started three freshmen - James Thomas, Brandon Mouton and
Royal Ivey - and used a stifling defense to take a 42-22 lead at halftime.
Indiana (2-2) climbed back into the game and cut the lead to seven points at
49-42, limiting Texas to just two baskets in the first 8:52 of the second
half.
Then Thomas scored five straight points as Texas restored a comfortable lead
with a 13-0 run.
Mouton and Maurice Evans opened the game with consecutive 3-pointers, and the
Texas defensive pressure forced a lot of turnovers.
Chis Owens had 12 points in the first half and led Texas with 15 points and
14 rebounds.
Texas had fallen to top-ranked Duke, 95-69 Wednesday in the tourney
semifinals. Mouton led Texas with 18 points and Evans had 17.

Baseball Team Adds Four

Baseball coach Augie Garrido has signed third baseman Nic Crosta of Seattle,
Wash, right-handed pitchers Chris Scofield of Fort Worth Nolan and Danny
Muegge of Blinn JC and centerfielder Dustin Majewski of Blinn JC.to round out
the Longhorns' early signing class  for the 2001-02 campaign.
"With their potential both offensively and defensively, thse players are
solid additions to our early signing class that will  provide us with depth,"
said Texas assistant coach and  recruiting coordinator Tommy Harmon.
"Overall, we are very pleased  with the student-athletes we have signed for
the 2001-02 season."
An honor student at Nolan Catholic High School, Scofield earned  All-State
honors to go along with All-Area distinctions in 2000 as he  helped the
Vikings capture their district championship and finish  second in the state
finals.  He was also named his team's MVP last  season and was a teammate of
current Longhorn freshman pitcher Tim  McGough at Nolan.
Crosta is a three-year varsity letterman, a three-time All-Seamount League
selection and two-time team MVP for Highline High School in Seattle, Wash.
An honor student, Crosta posted a league-leading .551 batting average last
season to go along with conference-best numbers in RBI (31) and home runs (8)
to win the Seamount League's Triple Crown and earn South County Journal
All-Area accolades.
He was also named the Everett Wood Bat Classic MVP and to an All-Tournament
team in Reno, Nev., this past summer.
Majewski hit .385 and blasted 16 homers at Blinn last season. Muegge played
last season at McLennan JC in Waco, and is playing for Blinn this season. He
has a very good changeup and a fast ball in the 88-90 mph range.

Reese Signs Top Prospects

Texas swimming coach Eddie Reese and diving coach Matt Scoggin have signed
three top recruits.
They are swimmers Andrew Davidson of Father Ryan HS in Nashvill and Rainer
Kendrick of Homewood HS in Birminghamm and diver Jonathan Linette of Fort
Lauderdale, Fla.
Davidson, a four-time high school All-American and 1999 Southeastern
Conference Swimmer of the Year, is the defending Tennessee state champion in
the 100 butterfly and 100-yard backstroke.
He also won the 1999 Junior National Championship in the 200 backstroke and
qualified for the Olympic Trials in the 100 and 200 backstroke.
Kendrick is a four-time All-State honoree and two-time South Eastern Swimmer
of the Year.
At the 1999 American Short Course Championships, he placed first in both the
200 and the 400  individual medley events, while also finishing runner-up in
the 100 freestyle and 200 butterfly.
Linette won back-to-back Junior National Titles (1998 and 1999) on the
10-meter platform, and also captured the bronze medal at the 2000 Junior
World Championships in the platform event. She posted a 12th-place finish
(885.93) on the platform at the U. S. Olympic Trials.
"We are extremely pleased in this group," said Reese. "They are very talented
and are definitely strong in each of their events, which will help solidify
and add versatility to our roster."

Women's Golf Inks Pair

Texas women's golf coach Susan Watkins has signed Lisa Ferrero of Lodi, Cal.,
and Perry Swenson of Charlotte, N. C.
Ferrero won the 2000 U.S. Girls Junior Amateur title at the Pumpkin Ridge
Golf Course in North Plains, Ore. last summer.
The three-time AJGA All-American is currently ranked No. 15 in the Golfweek's
Girls Amateur Ratings, where she has posted 26 top-25 finishes.
Swenson is ranked 58th in the Golfweek's Girls Amateur Ratings. Last season,
she helped her team capture the regional championships and place third at the
state championships.
The AJGA All-American Honorable Mention honoree captured the 2000 Greensboro
Rolex Tournament and was a member of the 2000 East Canon Cup Team.

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