Hi Greg!

Here is the information regarding the Dec 13th event at Wharton.  Wharton is
beside itself with excitement at your acceptance, and communicated that with
Jeff Skilling at his visit there this past Thursday.

They're also very interested in discussing their WeBI program with you and
would like to arrange to do that the day of your evening presentation, or
perhaps the following day, whichever suits your schedule.  This was also
discussed with Jeff Skilling--he is clearly interested in the program, but
will be especially looking to your input, along with that of Vince Kaminski,
Jeff Shankman and me, in determining Enron's decision to participate.  As I
mentioned previously, Vince, Jeff and I think Enron's involcvement with WeBI
holds very positive potential. Financially, it involves a contribution of
$250,000 for 4 years.

Please see the request for your "Bio" and desired inclusion of program
materials, as well as the contact at Wharton, toward the end of the message
below.

Let me know by eMail or voice mail (3-6117) how University Affairs can
further these efforts.

Thanks!

--Christie.

---------------------- Forwarded by Christie Patrick/HOU/ECT on 11/04/2000
10:20 AM ---------------------------

"Baltes, Michael" <baltes@wharton.upenn.edu> on 11/02/2000 12:29:05 PM
To: "'christie_patrick@enron.com'" <christie_patrick@enron.com>
cc: "Piazze, Thomas" <piazzet@wharton.upenn.edu>, "Spigonardo, Joanne"
<spigonaj@wharton.upenn.edu>
Subject: Wharton program for business journalists

Christie,

We are delighted that Greg Whalley, CEO of Enron Bandwidth Business, has
agreed to be our featured dinner speaker at the upcoming Wharton Seminars for
Business Journalists on Wednesday, December 13, 2000.

Per instructions from Tom Piazze, I've attached some information regarding
our Seminars for Business Journalists, now in its 32nd year
http://www.wharton.upenn.edu/media/journalists/. As I'd mentioned in our
conversation a few weeks ago, we have a leader from business or government
speak each year at our Sponsor's Dinner, which is attended by all of the
business journalists (about 50) and representatives from our corporate
sponsors (lists attached below). Our last 3 speakers were Mark Walsh,
chairman of Vertical Net; Jason Olim, CEO of CDNow; and Tom Siebel, CEO of
Siebel Systems.

About 80-90 people are expected to attend this year's event. Cocktails,
dinner and Mr. Whalley's presentation will be held on Wednesday, Dec. 13,
from 6:00 to 9 p.m. in Wharton's Steinberg Conference Center, 38th & Spruce
Streets, on the University of Pennsylvania campus.

As Tom may have mentioned, this audience likes to hear about interesting
industry trends, or something companies are doing that is leading edge, and
hasn't really hit the mainstream. Past experience has shown that "canned"
corporate presentations do not go over so well with this group. However, you
are certainly welcome to provide literature to the audience or other
materials that may be appropriate. I would like to have a conversation with
you about your thoughts on a specific topic as we get closer to the event.

In the meantime, we would like to have Mr. Whalley's bio and any other
information you'd like us to include in the course materials for the
journalists. Please try to keep this to about 2-3 pages, given all of the
other material they'll have in their binders.

You may contact me or my colleague, Joanne Spigonardo, with any questions.
Joanne is handling the logistics for the event, so please direct those types
of questions directly to her. She's at 215573-8599.

Thanks again, and I hope you can join us on the 13th.

Best regards,

Mike

 <<PUB&NAMELISTBJS200.doc>>    <<final sponsor list.doc>>

 - PUB&NAMELISTBJS200.doc
 - final sponsor list.doc


i think you just lucked out for now.....when they hear enron gets out without
a scratch
they will expand their definition to include you, too.

D

Jeff.Dasovich@enron.com wrote:

> glad we're not a generator.
>
> best,
> jeff
>
>
>                     Dorothy
>                     Rothrock             To:     Jeff.Dasovich@enron.com
>                     <drothrock@cm        cc:
>                     ta.net>              Subject:     Re: Sher Shops
Alternative Edison
>                                          Bailout Plan
>                     07/11/2001
>                     12:45 PM
>
>
>
> worse for SCE and generators, who have to eat the small guy share of the
> undercollection
> between them. No transmission sale.
>
> D
>
> Jeff.Dasovich@enron.com wrote:
>
> > better or worse than ours?
> >
> >
> >                     Dorothy
> >                     Rothrock             To:     Jeff.Dasovich@enron.com
> >                     <drothrock@cm        cc:
> >                     ta.net>              Subject:     Re: Sher Shops
> Alternative Edison
> >                                          Bailout Plan
> >                     07/11/2001
> >                     12:20 PM
> >
> >
> >
> > let me know if delaney doesn't send to you...
> >
> > d
> >
> > Jeff.Dasovich@enron.com wrote:
> >
> > > Thanks.  415.782.7854.  Better or worse than ours?
> > >
> > >
> > >                     Dorothy
> > >                     Rothrock             To:
> Jeff.Dasovich@enron.com
> > >                     <drothrock@cm        cc:     Ann.Cohn@sce.com,
> > "'Barbara Barkovich
> > >                     ta.net>              (E-mail)'"
> > <brbarkovich@earthlink.net>, "Dominic
> > >                                          DiMare (E-mail)"
> > <dominic.DiMare@calchamber.com>,
> > >                     07/11/2001           "'John Fielder (E-mail)'"
> > <fieldejr@sce.com>,
> > >                     11:54 AM             "'Phil Isenberg (E-mail)'"
> > <isenberg@hmot.com>,
> > >                                          "'Jeff Dasovich (E-mail)'"
> > <jdasovic@enron.com>,
> > >                                          "'Keith McCrea (E-mail)'"
> > <kmccrea@sablaw.com>,
> > >                                          "'Linda Sherif (E-mail)'"
> > <lys@a-klaw.com>,
> > >                                          "'Linda Sherif (E-mail 2)'"
> > <lysherif@yahoo.com>,
> > >                                          "'Gary Schoonyan (E-mail)'"
> > <schoongl@sce.com>,
> > >                                          "'John White (E-mail)'"
> > <vjw@cleanpower.org>,
> > >                                          dhunter@s-k-w.com,
> > Rick.Simpson@asm.ca.gov
> > >                                          Subject:     Re: Sher Shops
> > Alternative Edison
> > >                                          Bailout Plan
> > >
> > >
> > > I have the plan.....who wants it? send your fax number (and $10 for
> > > shipping
> > > and handling....just kidding)
> > >
> > > D
> > >
> > > Jeff.Dasovich@enron.com wrote:
> > >
> > > > Folks:  Please see highlighted sections.  Anyone seen Byron's plan?
> > Know
> > > > where it's headed, etc.?
> > > >
> > > > Best,
> > > > Jeff
> > > >
> > *************************************************************************
> > > > Power purchase bills exceed $7.5 billion
> > > >
> > > > Published Tuesday, July 10, 2001, in the San Jose Mercury News
> > > > BY MARK GLADSTONE, NOAM LEVEY AND DION NISSENBAUM
> > > >
> > > > Mercury News Sacramento Bureau
> > > >
> > > > SACRAMENTO -- Six months after jumping into the electricity business,
> > the
> > > > Davis administration on Monday provided the first detailed glimpse of
> > > > California's daily power purchases, showing more than $5 billion in
> > > > payments, much of it to government-owned utilities and private
> > companies
> > > > that state officials have branded as price gougers.
> > > >
> > > > The state spent an additional $2.5 billion on a variety of contracts
> > and
> > > > other electricity services designed to stabilize the volatile energy
> > > > markets, according to documents that the state agreed to release last
> > > week
> > > > amid a legal dispute over public access to the data.
> > > >
> > > > In roughly the first five months of the year, the state shelled out
> > $1.2
> > > > billion to Atlanta-based Mirant, the most any company was paid for
> > > > electricity, followed by $1 billion to Powerex, the marketing arm of
> BC
> > > > Hydro in British Columbia. It also paid $331 million to the Los
> Angeles
> > > > Department of Water and Power.
> > > >
> > > > The documents raise questions about some of the common assumptions
> that
> > > > have arisen around the electricity crisis. For instance, almost 40
> > > percent
> > > > of the state's purchases have come from government-run power
> generators
> > > in
> > > > California and elsewhere, but not Texas; some of the biggest
> suppliers
> > > are
> > > > from the Northwest.
> > > >
> > > > Gov. Gray Davis, who has ambitions to run for the White House, has
> put
> > > much
> > > > of the blame for the soaring costs of power on energy companies based
> > in
> > > > President Bush's home state.
> > > >
> > > > The figures are tucked inside 1,770 of pages of invoices that Davis
> has
> > > > resisted divulging, saying disclosure would encourage suppliers to
> > charge
> > > > more. The state, which last month released information on its
> long-term
> > > > electricity contracts worth $43 billion, agreed Thursday to release
> the
> > > > first quarter details.
> > > >
> > > > Short on explanation
> > > >
> > > > The figures were disclosed late Monday by the California Department
> of
> > > > Water Resources, which buys power for the state's financially
> strapped
> > > > major utilities, and seem to buttress the administration's contention
> > > that
> > > > the price of power is gradually dropping but offer little or no
> > > explanation
> > > > for what prompted the decrease.
> > > >
> > > > In January, for instance, the average price for power on the spot
> > market
> > > > was $321 a megawatt hour. It peaked in April at $332 and dropped to
> > $271
> > > in
> > > > May.
> > > >
> > > > One megawatt powers about 750 homes.
> > > >
> > > > Davis spokesman Steve Maviglio said the price data supports the
> > > governor's
> > > > assertions that California has been gouged. ``The bad guys are
> clearly
> > > the
> > > > out-of-state generators,'' Maviglio said. ``There has been a
> > significant
> > > > shift of money out of California.''
> > > >
> > > > But the documents fail to shed much light on whether, as the
> > > administration
> > > > contends, the price drop was due to long-term power contracts
> > negotiated
> > > by
> > > > the state earlier this year. Critics contend that the Davis
> > > administration
> > > > panicked and rushed into deals that commit the state to pay high
> prices
> > > for
> > > > many years.
> > > >
> > > > Used for support
> > > >
> > > > Republican officials used the price information to bolster their
> > attacks
> > > > against Davis, a Democrat, for signing long-term contracts with power
> > > > generators even as the price of power on the spot market was coming
> > down,
> > > > partly because of the declining price of natural gas used to fuel
> many
> > > > plants.
> > > >
> > > > ``It's more clear than ever that the long-term contracts are a bad
> > > deal,''
> > > > said Assemblyman Tony Strickland, R-Camarillo. ``The governor's
> really
> > > hurt
> > > > the ratepayers for the next five or 10 years.''
> > > >
> > > > The newly released bills highlight the volatility of California's
> > energy
> > > > market, where the price per megawatt hour ranged from $70 to $1,000.
> On
> > > any
> > > > given day, the records show, the prices from seller to seller varied
> > > > widely, with some of the highest prices being charged by public
> > utilities
> > > > and companies outside Texas.
> > > >
> > > > On one day in February, for example, San Diego-based Sempra Energy
> was
> > > > charging $165 per megawatt hour, the Eugene Water and Electric Board
> > was
> > > > charging nearly $500 and Duke Energy, a North Carolina company, was
> > > > charging up to $575.
> > > >
> > > > The state's daily spending peaked May 10 at $102.4 million for all
> > power,
> > > > including the spot market and contracted power.
> > > >
> > > > The state began buying power in mid-January on behalf of the state's
> > > major
> > > > utilities, which were unable to borrow money to buy power after
> > amassing
> > > > enormous debts for electricity.
> > > >
> > > > San Jose-based Calpine Corp., which is building several new power
> > plants
> > > > around California including one in South San Jose, did only $29
> million
> > > > worth of business with the state in the first five months of the
> year,
> > > > according to the figures.
> > > >
> > > > The state began buying power in mid-January when Pacific Gas &
> Electric
> > > Co.
> > > > and Southern California Edison Co. were on the ropes financially.
> PG&E
> > > > later went into bankruptcy.
> > > >
> > > > On Monday, state lawmakers took another shot at trying to cobble
> > together
> > > a
> > > > plan to rescue financially ailing Edison.
> > > >
> > > > While most concede that a rescue plan Davis worked out with Edison
> will
> > > not
> > > > win the necessary support in the Legislature, lawmakers have created
> > > > several working groups to come up with alternatives.
> > > >
> > > > Compromise plan
> > > >
> > > > On Monday, state Sen. Byron Sher, D-Redwood City, unveiled the latest
> > > > compromise proposal that seeks to protect average ratepayers and
> small
> > > > businesses from further rate increases and forces everyone else to
> help
> > > > finance the Edison bailout.
> > > >
> > > > The ``shared pain'' proposal would force power producers, owed about
> $1
> > > > billion, to take a 30 percent ``haircut'' and agree to forgive about
> > $300
> > > > million in Edison debts. Edison would be asked to swallow $1.2
> billion
> > --
> > > > about a third of its debt. And big users would be asked to pay off
> the
> > > > remaining $2 billion in debts, possibly by paying higher prices for
> > > power.
> > > >
> > > > In exchange, large companies would be given the opportunity to buy
> > power
> > > on
> > > > the open market, a system that would allow many of them to sign cheap
> > > > energy deals.
> > > >
> > > > Sher presented the proposal to Senate Democrats Monday afternoon, but
> > it
> > > > remains unclear how much support the framework will receive in the
> > > > Legislature.
> > > >
> > > > Contact Mark Gladstone at mgladstone@sjmercury.com or (916) 325-4314.


As you may have noticed, there was a network error during today's eSpeak with
Dr. Ben Gilad.  Although the questions and answers were not visible during
the second half of the eSpeak session, Dr. Gilad did answer all the questions
he received.  As always, the transcript of the discussion will be available
in the eSpeak archives.

If the technical issue prevented you from asking a question during today's
session, please email your question to Amy Oberg at Enron Energy Services.
Dr. Gilad has generously offered to respond to questions that could not be
submitted during the live event.


Norman,

She also said (ibid):

"What I want is an exhibit that will illuminate that in the broadest
possible form.  I would rather have too much information than not enough
information."

Therefore, I do not see the harm or lack of responsiveness in including the
additional information.

--
Michael S. Alexander
Southern California Edison
2244 Walnut Grove
Quad 1C
Rosemead, CA 91770
(626) 302-2029
(626) 302-3254 (Fax)

-----Original Message-----
From: Norman A. Pedersen [mailto:napedersen@JonesDay.com]
Sent: Thursday, June 15, 2000 11:08 PM
To: Cherry, Brian - TPBKC
Cc: 'Pocta, Robert M.'; Cherry, Brian - TPBKC; Alexander, Michael S;
'paulamirault@aec.ca'; 'david.bayless@utility.com';
'Tomb@crossborderenergy.com'; 'Burkee@cts.com'; 'Craigc@calpine.com';
'Rick.Counihan@greenmountain.com'; 'Jdasovic@enron.com';
'Mday@gmssr.com'; 'bdingwall@unitedgas.com'; 'Douglass@arterhadden.com';
'eke@aelaw.com'; 'Jfawcet@enron.com'; 'rfoss@coral-energy.com'; 'Gileau,
Patrick L.'; 'johnj@bcjlaw.com'; 'Johnson_Pamela@lacoe.edu';
'karpjos@sf.whitecase.com'; 'jleslie@luce.com'; 'kmccrea@sablaw.com';
'jmpa@dynegy.com'; Porter, Douglas K; 'RochmanM@cubjpa.org';
'RochmanM@spurr.org'; 'susan.scott@enron.com'; Betonte, Robert - TP2RSB;
Brill, Thomas R.; Follett, B. David - TPDBF; Harrigan, James P. -
TP1JPH; Hay, James E.; Lorenz, Lad - TPLPL; McVay, Nancy W - TPNWM;
Morrow, Rick - TP3RMM; Purves, Ralph A.; Sakarias, Wayne P.; Schavrien,
Lee; Sullivan, Glen J.; Surak, Thomas M. - TP1TMS; Teeter, James S.; Van
Lierop, Jan - TP2JXV; Watson, Steven - TP2SAW; Wright, Gillian - TP1GXW;
Barker, David - TPDTB; 'How-Downing, Lindsey'; 'Jun, Christine';
'Khoury, Dexter'; 'ack@aelaw.com'; Nelson, Eric B. - TPEBN; Suwara, J.-
TPJUS; Reed, William; 'Pedersen, Norman'; 'Paul, Joe'; 'Hawiger,
Marcel'; 'Fawcett, Jeff'; 'O'Neill, Ed'; 'Power, Pat'; 'Ramirez, Jaime';
'Black, Larry'; Fair, Pam; 'Hall, Rich'; 'Eisenman, Eric'; 'Stoner,
Ron'; 'McConn, Kathy'
Subject: Re: Final Late Exhibit Draft

_______________________________________________________________

This message and any attachments are intended for the individual or entity
named above.  If you are not the intended recipient, please do not read,
copy, use or disclose this communication to others; also please notify the
sender by replying to this message, and then delete it from your system.
Thank you.
_______________________________________________________________

     Your proposed draft exhibit goes substantially beyond the ALJ's order.
ALJ Biren specifically stated that the the late-filed exhibit "should be
narrowly focused on the mismatch of capacity." Tr. 1021.Thus, you need to
eliminate the column entitled "Total Take-away Capacity."  Furthermore, the
column is both suspect (e.g., the representation that EOR is 770 MMcfd) and
misleading (e.g., the inclusion of SWG or PG&E in "S. Calif Take-away
Capacity").  Also, you need to eliminate the "Avg. Daily Market" box.  The
following is what should be submitted to ALJ Biren:
(See attached file: #1070989 v1 - FIRM PIPELINE CAPACITY DELIVERY (EX. TO
I.99-07-003).doc)


I regret to announce that David Gallagher has decided to leave Enron.  David
has led our Continental Gas group for the last 2 years, and has built for us
a market leading franchise and the best team in the industry.  David is a
highly respected individual both within the company and outside the company,
and we will miss his professional attitude and great character.

He leaves a very strong team behind him.  Didier Magne and Carsten Sterz have
built this business with David from day one, and they will continue to own
their respective books: France, Belgium, Switzerland, Italy and Spain for
Didier, and all the German-speaking countries plus Eastern Europe for
Carsten.  Dave Furner will continue to trade the Zeebrugge hub.  Nicola Craig
will continue to run the Continental option books.  Rudy Dautel, director,
will join the group as Head Trader, and Didier, Carsten and Nicola will
report to him.  Dave Furner will report to Didier Magne.  Rudy has a wealth
of trading experience in US nat gas, crude oil, UK nat gas, and most recently
Spanish power and LNG.  Rudy will report to me.
Steve Asplin, director, will head up large scale origination for Continental
gas, as distinct from the trading / mid-marketing functions of Didier and
Carsten.  Steve will report to me.
Cathy Christmas will continue with her key role as Head of Operations for the
group, reporting to David Hutchinson.
 All other reporting lines will remain the same.

Please join me in wishing David well for the future, and congratulating Rudy,
Steve, Carsten and Didier on their new and expanded roles.

Richard Lewis


_________________________________________________________________

                        F O O L W A T C H
                     Monday, November 6, 2000

benjamin.rogers@enron.com
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MsgId:
msg-23498-2000-11-06_17-42-28-6374899_1_Plain_MessageAddress.msg-18:03:49(11-0
6-2000)
X-Version: mailer-sender-master,v 1.84
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Message-Recipient: benjamin.rogers@enron.com


Jeff-

Here is some additional info which provides further background on the cost
overruns and project highlights if needed to respond to  questions at the
Board pitch today.


Paul Henry on the weather desk informed me that they have agreed with one of
our counterparties to terminate a deal.  I've asked for a copy of the
confirm.  Could one of you please e-mail to me this morning a form of dela
termination letter that we can send to the counterparty?  Thanks.
Carol


IGNORE FRANK.
I DON'T WANT YOU GUYS TRADING POWER RIGHT NOW BUT THAT MIGHT CHANGE SOON.

 -----Original Message-----
From: 	Allen, Phillip
Sent:	Tuesday, March 06, 2001 10:45 AM
To:	Lavorato, John
Subject:	FW: Cross Commodity

John,

Did you put Frank Hayden up to this?  If this decision is up to me I would consider authorizing Mike G., Frank E., Keith H. and myself to trade west power.  What do you think?

Phillip
---------------------- Forwarded by Phillip K Allen/HOU/ECT on 03/06/2001 10:48 AM ---------------------------
From:	Frank Hayden/ENRON@enronXgate on 03/05/2001 09:27 AM CST
To:	Phillip K Allen/HOU/ECT@ECT
cc:
Subject:	FW: Cross Commodity

 -----Original Message-----
From: 	Hayden, Frank
Sent:	Friday, March 02, 2001 7:01 PM
To:	Presto, Kevin; Zufferli, John; McKay, Jonathan; Belden, Tim; Shively, Hunter; Neal, Scott; Martin, Thomas; Allen, Phillip; Arnold, John
Subject:	Cross Commodity
Importance:	High

I've been asked to provide an updated list on who is authorized to cross trade what commodities/products.  As soon as possible, please reply to this email with the names of only the authorized "cross commodity" traders and their respective commodities. (natural gas, crude, heat, gasoline, weather, precip, coal, power, forex (list currency), etc..)

Thanks,

Frank

PS. Traders limited to one commodity do not need to be included on this list.


So far, I can probably leave on time today, which would be about 5:30 pm.
Let's just check again as the end of the day gets closer.  I think it would
be a good idea to meet there, since we're coming from opposite directions.
Dinner sounds good to me....

	"Patti Young" <pyoung@cliverunnells.com>
	12/08/2000 04:32 PM

		 To: "Tana Jones" <tana.jones@enron.com>
		 cc:
		 Subject: Friday Evening

Tana,

If you are still interested in doing the Williams Collection do, what would
be a good time for you to go.  We can meet there and then go to dinner.  Or,
you could come by my place and get a look again and help me pick out the
right furniture.  Whatever is convenient for you, please let me know.


Melissa,

Please, take a look at this resume. Any interest?
I got it from a headhunter (I don't know her,
it was a cold call on her part and she did not make a good impression).

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/31/2000
09:01 AM ---------------------------

leewells@swbell.net on 01/25/2000 05:34:57 PM
Please respond to leewells@swbell.net
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Wayne Tow's Resume

Hi there Mr. Kaminski! It was a pleasure to speak with you today. I look

forward to lunch one day soon at Brennans.

Wayne Tow is a brilliant man, He worked for many years for a man I know
well.  This man says, Wayne is as good as it get, and he could do
anything that is assigned to him, and do it at  a level in which he was
always amazed.
He loves the E-commerce area, and this is what he wants to do
Thank you, Vince.
Lee Wells

 - Wayne2.doc


I will be out of the office beginning Thursday, 12/24, returning on Tuesday,
1/4.  In my absence, I have asked Steve Venturatos to be the point person for
Texas Operations.

I realize that many of you will be working over the New Year's week-end to
ensure a smooth transaction into the new year.  In advance, I truly
appreciate all of the efforts.  Additionally, I would like to be kept
informed on any critical issues, mainly so that I have no surprises when I
return.  Therefore, I have provided numbers below where I can be reached.  I
will leave it to your discretion as to whether you call me or leave me a
voice mail in the office.  As you all know, I would rather be informed than
surprised!

Pager  877-497-3757
Cellular  713-417-2995
Home  970-920-2293 &
  970-920-2294

Thanks to each of you for your dedication.  I hope each of you have a
wonderful and safe holiday!


PG&E National Energy Group and any other
company referenced herein that uses the PG&E name or
logo are not the same company as Pacific Gas and
Electric Company, the regulated California utility.  Neither
PG&E National Energy Group nor these other
referenced companies are regulated by the California Public
Utilities Commission.  Customers of Pacific Gas and Electric Company
do not have to buy products from these companies in order
to continue to receive quality regulated services from the utility.
 - Gas Transaction Agr. Execution (4-23-01).doc


we can go downtown or uropa or whatever.   just whatever everyone wants to
do.  what time are we meeting at el tiempo?


Good Monday Morning!

Abbreviated Edition.

IMPACT CALLS

Internet Security Israel Hernandez
Company Updates/Rating Changes
q Investment Conclusion: Below are specific company updates and our views on
each company in
our coverage universe. Reiterating our thoughts published on September 17,
we believe last
week's attacks are likely to cause numerous short-term disruptions that put
the September quarter
at risk for all the security software vendors, particularly those vulnerable
to discretionary spending
cuts or large deals. In light of recent events, we are adjusting our ratings
on two companies. We
are raising our rating on VeriSign from a 2-Buy to 1-Strong Buy based on
good earnings visibility
amid a generally uncertain outlook for most software vendors. We are also
lowering our rating on
Internet Security Systems from a 1-Strong Buy to 2-Buy to adjust for these
uncertainties and lack
of visibility. While valuations for many of the companies are starting to
look interesting, as a
whole, we remain somewhat cautious on the security software vendors given
the uncertainties
introduced into the market over the last two weeks which could lead to more
downward revisions
in the September and December quarters and spill over in the first quarter
of 2002.

Internet Secuirty Systems Israel Hernandez
Downgrading from Strong Buy to Buy 2 - Buy / $13.00 (USD)
q We are downgrading ISSX from a 1- Strong Buy to a 2-Buy rating to reflect
the lack of near-term
visibility, and changing economic backdrop that increases the likelihood of
a potential shortfall to
our Q3 forecast.
q Given the events of the past two weeks, we believe ISS and other security
software vendors may run into
difficulty closing business in a back-end loaded September quarter.
q We are lowering our price target from $35 to $20, or 4 x FY01 revenues of
$223M, to reflect the increased
economic uncertainty in the current environment.

VeriSign Inc Israel Hernandez
Upgrading to Strong Buy from Buy 1 - Strong Buy / $38.30 (USD)
q Given VeriSign's strong revenue visibility in a period of global economic
uncertainty, we are
raising our rating from 2-Buy to 1-Strong Buy making it our top pick in the
sector.
q In light of the global slowdown, we believe VeriSign provides investors
with exceptional earnings visibility
given its services model and strong deferred revenue balance. This
visibility should enable VeriSign to
sustain a premium valuation and outperform most technology stocks, even in a
contracting environment.
q We believe new value added services laid on top of a relatively fixed cost
structure will provide significant
margin expansion, currently at 14.6% and growing to the low thirties in the
next 2 years.

Oil & Gas: Exploration & Production Thomas R. Driscoll
Some E&P Shares Now Appear Attractive
q We are lowering our natural gas price forecasts as well as revising target
prices and codes for the
large-cap oil exploration and production companies we cover. We now believe
that several
companies we cover offer compelling values today. As a result we are
upgrading our ratings on the
shares of EOG Resources (EOG), Noble Affiliates (NBL) and Pioneer Natural
Resources (PXD) from
2-Buy to 1-Strong Buy. We are also downgrading our code on the shares of
Devon Energy (DVN)
from 2-Buy to 3-Outperfrom to reflect heightened concerns about the
increased debt load that will
result from recently announced acquisitions. We are also downgrading our
codes on Vintage
Petroleum (VPI) from 1-Strong Buy to 2-Buy.

AOL Time Warner Holly Becker
Fund. Remain Strong In Unstable Environm 2 - Buy / $29.25 (USD)
q The economic and advertising slowdown has obviously been compounded by
recent tragic events.
AOL Time Warner remains the premier integrated media company with a uniquely
valuable
portfolio of assets. While near-term estimates may need to come down
further, we view the stock's
pullback as a compelling buying opportunity.
q AOL Time Warner's core businesses offer investors superior earnings power
and growth, while new cross-platform
initiatives should propel the company's long-term growth rate to above
industry norms.
q Advertising represents only 25% of revenue, considerably lower than
comparable companies including
Viacom (45%) and Disney (30%).

Gaming & Lodging Joyce Minor
Rich Bottom Fishing, But Dangerous Water
q The gaming and lodging sectors saw huge downside moves last week, with the
large cap gaming
stocks down an average of -33% and the lodging stocks down an average of
-34%. The hotel
REITs were down too, by -39% on average. We continue to believe that calling
the course of the
conflict determines your appetite for the sector. Investors that believe in
a short period of pain
followed by a gradual rebound would buy the stocks now, especially gaming
companies like HET,
STN, PENN, but even the other large cap gaming and lodging names would
appear near historical
bottoms and attractive for the long haul. Among the hotel REITs, the
unwinding of the FCH/MHX
merger seems to have overly punished both, but especially MHX. We think MHX
is an absolute 1-
Strong Buy at these levels. More broadly, investors like us that are
concerned by the potential
course and duration of the conflict and the risk of events that will merit
continuing travel fears may
opt to stay on the sidelines with respect to the gaming and lodging stocks.
q Lodging stocks are trading at discounts to replacement of 15% to 45% (vs.
typical 30% bottom) and
gaming at discounts of 20% or so. Lodging REIT yields are 9% to 14%, even if
dividends are reduced by
40%.

Wireless & Internet Infrastructure Timothy Luke
Investigating Chinese Telecom Markets
q Following checks with numerous industry sources in China, we have
attempted to clarify some
concerns over China Telecom's capex & a possible slowdown in metro markets
in China.
q Believe CT may have reduced its planned '01 capex in recent months by
about 25% from $12b to $9b and
slowed down discretionary spending. Reductions appear to be a result from
the uncertainty pending CT's
major reorganization.
q In the n-term, we believe that vendors like Cisco and Nortel may see their
sales into CT somewhat below
normalized levels. However, this situation should be temporary and we may
see an uptick in spending by
CT once reorg is completed. Nevertheless, we believe '02 capex is likely to
be below '01.
q Separately, the Chinese Ministry of Information Industry recently issued a
Notice to regulate broadband
access networks. We believe some metro vendors may be impacted by this
ruling since Layer 3 switches
are also sometimes deployed to provide last-mile access.

FOCUS STOCK

Bed Bath & Beyond Alan Rifkin
Second Quarter Earnings Preview 2 - Buy / $20.61 (USD)
q BBBY will report 2Q EPS after the market close on September 25. While no
retailer is immune to an
economic slowdown, we remain confident BBBY will achieve our 2Q EPS est of
$0.18 vs $0.15 last
year.
q We estimate total sales rose 24% to $730.8MM, driven by a 3% comp.
q We forecast a 9 bp decrease in gross margin, which combined with an 11 bp
improvement in SG&A,
results in a modest increase in 2Q operating margin.
q BBBY remains one of our top picks---the only retailer within our universe
of coverage to meet or exceed its
original guidance since mid-2000. Well-insulated with $276MM in cash and $0
debt.
q Valuation. Currently trading at a 39% premium to S&P 500, though
historically has traded b/w a 20%
discount and 115% premium.

Liberty Media Group Stuart Linde
Sensitivity Analysis: Limited Downside 1 - Strong Buy / $11.93 (USD)
q Our worst case scenario yields a NAV of $13.32 per share. We believe that
current trading levels
represent a compelling buying opportunity as downside risk is limited by (1)
lowest exposure to
advertising market in our universe, (2) risk management strategy and (3)
strong balance sheet.
q At the close of 09/21, 10 days following the tragic terrorist attacks,
LMCA has declined by 16%, in line with
the S&P Entertainment Index versus a 14% decline for the market.

COMPANY / INDUSTRY UPDATE

Health Care Distribution & Technology Lawrence Marsh
Lehman Weekly Persp. - "THE WORST DAY"
q Lehman Brothers Health Care Distribution & Technology Weekly Comments and
Perspectives
q We are providing a review of last week in our Health Care Distribution &
Technology universe - "THE
WORST DAY", commenting on the horror seen in the city on September 11.
q Our covered group was down 7.8% since September 7th vs. the S&P 500 down
11.3%, the Russell 2000
down 15.5%, and the NASDAQ Composite down 16.1% over the same period. Henry
Schein, up 3.4%,
was the strongest performer for that period; OMI, down 15.4%, was the
weakest performer.
q We are providing a brief review of implications from the past two weeks in
our group, and also pointing to
points from our 2001 Fall Outlook Update. We also point to our reiteration
of our initiations on ACDO and
GTIV, and our upgrade on PSSI.
q We are providing a 10-K review of DKWD, highlighting a SCOR update, and
noting recent news items,
from CAH, GTIV, SCOR, PSSI, OMI.

Portfolio Strategy 	Charles Reinhard
Cutting Exp. EPS, Eqty Returns, & Valuat
q The policy response to the savage attack on civilization continues to be
vigorous. A sustained
diplomatic and military campaign against terrorism is coming into place.
Monetary policy has been
aggressive, with more to come. And fiscal policy is swinging into gear.
Still, the United States is
likely to remain in recession for the remainder of 2001. We are thus cutting
our 2001-2002 S&P 500
EPS forecast from $49.25 to $46.50 this year, and from $59.00 to $53.00 next
year. In a riskier world,
we are also assuming lower valuation for the stock market. Accordingly, we
are cutting our forward
one-year S&P 500 price target from 1375 to 1200; the Dow Jones Industrials
equivalent is 10,000.
q Our Economics team is now looking for a shallow U.S. recession for the
second half of this year, with GDP
down roughly 1.5% in the third and fourth quarters. The jobless rate will
rise to 5.3%, we think, as CPI
drops to 1.9%. With the Fed Funds rate at 3%, expect the Federal Reserve to
cut rates to 2.5% at the next
FOMC on October 2. With core CPI at 2.7%, that would take the real Fed Funds
rate below zero.
Historically, the real Fed Funds rate has always gone to at least zero
during profit recessions of the current
magnitude. Whether the Fed will need to do more after October 2 remains to
be seen. That the central
bank will do whatever it needs to do is beyond question. With another drop
in short-term interest rates, the
yield curve should steepen further.

NOTES FROM TODAY
Specialty Chemicals Timothy Gerdeman
Cautiously Accumulate Select Chem Stks
q While it remains premature to fully assess the ultimate impact to U.S.
specialty chemical
companies resulting from last week's terrorist attacks, certain stock
valuations may already
discount the likely adverse business impact. The table provided below lists
respective share price
declines occurring since the stock market reopened on September 17. For
conservatism, we now
assume zero global GDP growth and flat (versus prior expectation of lower)
2002 raw material
costs, which could place an approximately 10% downward bias to our average
2002 EPS
expectations. Handicapping our preferred share-price entry points for risks
currently present, right
now we would accumulate CYT particularly below $25/ share, CBM particularly
below $38/ share,
EC particularly below $23/ share, and APD below $38/ share.

Carnival Corp Felicia Rae Kantor
Searching for a Bottom 3 - Market Perform / $17.13 (USD)
q We are maintaining our Market Perform rating on CCL. While the company had
impressive
momentum going into 4Q01 and 2002, the macro-environment has changed. As
such, the
risk/reward still points to the downside, in our opinion.
q That said, this note provides investors with several tools that should
provide assistance with finding an
attractive entry point for CCL.
q We have also taken a first stab at our earnings estimates by lowering
4Q01E and 2002E EPS to $0.20 and
$1.50 from $0.30 and $1.85, respectively.
q Both our scenario revenue analysis and our total return analysis
illustrates that the stock could bottom at
$14-$15. However, a protracted and deep recession could render this analysis
invalid.

Darden Restaurants Mitchell Speiser
Conf Call Hi-Lights; Sept Solid 1 - Strong Buy / $24.79 (USD)
q Comps steadily improved following last Tues & are now running Positive.
Fears of vulnerability
seem overestimated, even in a weaker economy.
q Mgmt maintains FY02 Comps target at lower-end of 3-5% range & 15-20% EPS
growth; forecast takes into
account the ill-effects of rising unemployment.
q Sales trends resumed to normal levels over the weekend & are running
positive, much better than
expectations. Through last Sunday, Olive Garden Comps +3-4%, Red Lobster
+2-3%.
q An aging consumer, lower seafood costs, less dilution from new concepts &
Repo will occur despite
weaker economy so our FY02E EPS remains >15%.

Department Stores/Broadlines Jeffrey Feiner
Retail Company Share Repurchase Programs
q Below we have listed the buyback authorizations as well as the share
repurchase activities for the
major retailers.
q We believe certain of the major retailers including Wal-Mart and May
Department Stores have been
aggressively buying shares this past week with the drop in the equities
markets. As many of the major
retailers in our universe have significant cash balances and ample
availability left under current share
authorizations, we would expect many retailers to continue to repurchase
company shares at these
depressed levels which could cushion some downside from poor September sales
results. Note that
shares left under authorization may differ from levels reported below due to
the market activities of
companies since the end of their respective 2Q01 reporting periods.

Department Stores/Broadlines Jeffrey Feiner
Retail Industry Update Conference Call
q We cordially invite you to participate in our conference call to update
investors on Department
Store/Broadline Retailers on Monday, September 24, 2001, at 2:30 p.m. (EST).
q With the continued uncertainty around consumer confidence and retail
spending, we believe that several
retailers offer a reasonable amount of downside protection given their
defensive positioning relative to
product mix. We will be providing investors with an update on several select
stocks including Wal-Mart,
Costco, Kmart, BJ's, and Family Dollar as well as providing investors with
an update on the overall
department store/Broadline and Specialty Stores apparel retail industry.

Oil Tankers Daniel L. Barcelo
Weaker Demand Outweighs any War Bounce
q Tragedy buttressing rates near-term; Negative implications next year
q Due to the terrorist attacks, economic activity and air travel are
expected to be lower, resulting in lower
demand for oil products this year and next. However, it is not likely that
supply will be immediately
interrupted, as major oil producing nations are not yet direct targets for
retaliation. As charterhire rates
track oil production we expect sustained upward movement in rates near-term.
If a supply interruption does
occur it will be negative for charterhire rates. Lower economic growth next
year could imply less supply
from OPEC. Valuations remain extremely depressed with shares trading at a
discount to NAV and 3.5x
EV/DACF with a 2002 group average ROCE of over 15%, however, the low
liquidity of the group is a
negative in this market.

Duke Energy Daniel Ford
Duke Energy Acquires Westcoast Energy 2 - Buy / $37.17 (USD)
q ? In our opinion, the acquisition of Westcoast Energy is long-term
positive for Duke. We estimate
that the transaction will be $0.04 accretive to 2002 earnings and provide
additional growth
opportunities in North America. Near-term arbitrage pressure and regulatory
review will likely hold
back DUK shares.
q After last Thursday night's close, Duke Energy announced the acquisition
of Westcoast Energy in a stock
and cash deal valued at $8.5 billion.
q Under the terms of the agreement, Westcoast shareholders will receive
C$43.80 per share in cash, shares
of Duke Energy or a combination of both such that the overall consideration
will be 50% cash and 50%
stock.

PG&E Corp Daniel Ford
PCG Reorganization Plan Emerges 2 - Buy / $15.72 (USD)
q PCG's utility filed a bankruptcy reorganization plan in SF yesterday,
indicating substantial EPS
upside potential in 2003. We reiterate our 2-Buy rating. Lehman Brothers
acted as financial advisor
to PG&E Corp., which is a co-proponent of the reorg plan.
q PCG's utility subsidiary filed its plan of reorganization with the
bankruptcy court yesterday. Preliminary
analysis of the unique plan, which would not require CPUC approval,
indicates potential upside to $3.00-
3.10 of consolidated earnings in 2003 and $3.50+ in 2004.
q ? Legal challenges to specific portions of the reorganization plan could
limit the earnings upside potential
and delay the timing of emergence from bankruptcy.

Associated Banc-Corp Jason Goldberg
3Q01 Preview 3 - Market Perform / $30.46 (USD)
q We believe ASBC's current valuation reflects recent improvements, the
expected margin expansion
from its liability sensitive balance sheet and pristine credit quality. We
rate ASBC 3-Market
Perform.
q We expect ASBC to report 3Q01 EPS of at least $0.66 on October 18.
Continued strength in the net
interest margin could provide upside to our estimate.
q 3Q01 should witness continued expansion in net interest margin and
moderating commercial loan growth.
Mortgage banking and service fees should continue to lead increases in fee
income.
q Asset quality metrics should continue to be better than its peers.
q Our 2001 and 2002 EPS estimates (old GAAP) are $2.65 and $2.85,
respectively. On a new GAAP basis
our 2002 estimate is closer to $2.95.

BB&T Corp Jason Goldberg
3Q01 Preview: The Last Restatement 2 - Buy / $34.05 (USD)
q We rate BBT 2-Buy with a $40 price target. BBT is currently trading at a
multiple discount to the
group, compared to its typical modest premium.
q We expect BBT to report 3Q01 EPS of $0.62 ($0.66 cash) on October 11. We
believe 3Q01 results will
evidence a much better behaved NIM, decent (but slowing) loan growth, strong
fee income expansion led
by mortgage banking and controlled expenses.
q Asset quality ratios are expected to continue to show signs of
deterioration.
q While 3Q01 will mark the eighth time in the last nine quarters and the
thirteenth time in the last nineteen
quarters the company has restated results, it is expected to be the last!

First Midwest Bancorp Jason Goldberg
3Q01 Preview: Margin Expansion Continues 3 - Market Perform / $30.83 (USD)
q In our view, FMBI's strong franchise, being nicely positioned in Chicago
Land, consistent earnings
growth and sound asset quality are the reasons the company trades at a
premium to our Mid-Cap
Bank index. We rate FMBI 3-Market Perform.
q FMBI raised 3Q01 guidance today to $0.53, above its previous expectations
of $0.51 to $0.52. Better than
expected results should be driven by 20 to 25 bp expansion in the net
interest margin. Mgmt also
expressed comfort with 4Q01 consensus of $0.53. We remain a penny ahead at
$0.54.
q In addition to margin expansion, results should evidence moderate loan
growth and continued fee income
expansion.

Johnson & Johnson David A. Gruber
Coated stent leadership still evident 2 - Buy / $52.07 (USD)
q The Cook ASPECT data do not alter our hypothesis that J&J is well
positioned to obtain a
sustainable stent market share in the U.S. > 50%. The RAVEL data establish a
high standard. J&J is
believed to have at least a 9-12 month lead in the all-important U.S. stent
market. JNJ's valuation
relative to the market reflects its profile as a "safe haven" in these
uncertain times.
q Cook ASPECT trial results not directly comparable to J&J RAVEL data. Cook
lesions not as complex. Late
loss evident. RAVEL restenosis rate of 0% a difficult standard for
comparison.
q 2003 EPS estimates ($2.53) unchanged despite Cook results. J&J remains
highly defensive with improving
growth prospects.

Medtronic Inc David A. Gruber
Reiterating 1-Strong Buy Recommendation 1 - Strong Buy / $39.80 (USD)
q ? We are reiterating our 1-Strong Buy on Medtronic. Tuesday's analyst
meeting is likely to serve as
a catalyst for appreciation; at worst, increase investor confidence in
target attainment. Since
September 11, despite being in the defensive healthcare sector, MDT has
declined 10%, in-line with
the S&P500. Positive news flow in CHF, BMP and elsewhere is expected by
year-end.
q Early FDA approval of InSync for CHF likely to accelerate market
development by 6-12 months
q Vascular risk remains manageable. FY02 EPS guidance likely to be
unchanged. Offsetting opportunities
(led by CHF) readily identifiable.
q Analyst mtg. on Tue. to highlight 10-year CAGR of 38% and tech. platform
opportunities for sustainable
growth.

Major Pharmaceuticals Charles Butler
Peek at the Week ~ Week Ending September
q Lehman Equity Research reviews issues affecting pharmaceuticals for the
Week ending September
21st, 2001, and previews the forthcoming week.
q Bristol-Myers Squibb and Imclone Systems announced they would engage in a
JV for the cancer fighting
compound, C225. Additionally, Bristol-Myers Squibb will purchase a 19.9%
interest in Imclone with total
transactions costs at $2.0 billion.
q Eli Lilly sold worldwide rights to oritavancin, a late-stage Phase III
compound for complicated skin
infections and bacteremia. The strategic move by Lilly will allow them to
allocate their internal resources to
other late-stage pipeline opportunities.
q The FDA panel for Eli Lilly's Xigris, originally scheduled to meet
September 12th, did not convene due to
the tragedies in New York and Washington. After reviewing the Lilly
presentation & FDA's interpretation
(available on the FDA website) and speaking with two members of the Xigris
team, we increased our peak
sales estimates to $2.6 bil from $2.0 bil.
q We increased estimates for Merck KgaA from Eur 4 to Eur 4.5 and increased
long-term growth rate from
11% to 13% in light of the new deal between Bristol-Myers Squibb and
Imclone's Systems for C225.

Boeing Co Joseph F. Campbell
Thinking Through Uncertainty 2 - Buy / $30.10 (USD)
q Boeing's $29 billion total enterprise value is too cheap given the
company's $51 billion 2002
revenue, but BA is always undervalued during downturns. The current $30
price is about the
resting point until there is more info and progress towards normalcy.
q The 1st step of helping airlines weather the financial storm created by
the attacks has already been taken
by the government.
q The 2nd step of reacting is underway with the airlines and Boeing cutting
schedules and production about
20%. These dramatic rearrangements are expensive one-time financial events.

General Electric Robert Cornell
Our Takeaways From GE's Analysts Meeting 1 - Strong Buy / $31.30 (USD)
q GE endorsed 2001 EPS guidance of $1.41, which is better that many
anticipated. The bottom line is
that GE continues to deliver a double-digit growth even in the face of
significant economic
downturn. Investors should expect a continuation of double-digit growth into
2002. We are
estimating 2002 EPS at $1.60.
q Surprisingly, the short-cycle order rates have quickly bounced back to
pre-crisis levels, which coupled with
stringent cost control mechanisms, provides short-cycle businesses with a
cushion against worsening
market conditions.
q The outlook for long-cycle businesses remains very positive. The impact of
reduced air travel on Aircraft
Engines business appears to be moderate.

Broadcasting/Radio & TV William Meyers
Radio Stocks Remain Fully-Valued
q Prospects for an advertising growth recovery were in doubt prior to Sept
11 and the repercussions
(economic/social) from the incidents exacerbate an advertising environment
that was already the
weakest in the last 40 years. We now expect 2001 radio advertising to fall
8% vs. our previous
projection for a 3% decline. Concurrent with revised advertising growth
forecasts, radio equities
have fallen 16% (since September 10), larger than the 12% decline in the
S&P500 and in-line with
the NASDAQ. Despite this correction, radio equities remain fully-valued
trading at ~15x 2002E
EBITDA, only a slight discount to the 15.6x prior to the tragedies.
q While we believe the industry impact is cyclical rather than structural,
over the near-term we remain most
cautious of Cox Radio given its high valuation, Radio One based on its
leverage and Emmis given a
combination of its television exposure and high leverage.
q Conversely, we believe Clear Channel is the most defensive given its
relatively low multiple, debt leverage
and limited downside. In addition, we view Spanish Broadcasting as a special
situation (small cap) based
on its likelihood to still meet FY 4Q (Sept) estimates, continued ratings
and operating traction in its key
markets and underlying asset value.
q While radio operators have yet to quantify the near-term financial impact,
we expect a preliminary look
Wednesday when Emmis reports FY2Q (August) results.

David C. Morris

Sr. VP Lehman Brothers
713-652-7112/800-227-4537
dcmorris@lehman.com

Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the
past three years a public offering of securities for this company. B-An
employee of Lehman Brothers Inc. is a director of this company. C-Lehman
Brothers Inc. makes a market in the securities of this company. G-The Lehman
Brothers analyst who covers this company also has position in its
securities.Key to Investment Rankings: This is a guide to expected total
return (price performance plus dividend) relative to the total return of the
stock's local market over the next 12 months. 1 = Strong Buy (expected to
outperform the market by 15 or more percentage points); 2=Buy (expected to
outperformthe market by 5-15 percentage points); 3=Market Perform (expected
to perform in line with the market, plus or minus 5 percentage points);
4=Market Underperform (expected to underperform the market by 5-15
percentage points)This document is for information purposes only. We do not
represent that this information is complete or accurate. All opinions are
subject to change.The securities mentioned may not be eligible for sale in
some states or countries. This document has been prepared by Lehman Brothers
Inc., Member
SIPC, on behalf

------------------------------------------------------------------------------
This message is intended only for the personal and confidential use of the designated recipient(s) named above.  If you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited.  This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of Lehman Brothers.  Email transmission cannot be guaranteed to be secure or error-free.  Therefore, we do not represent that this information is complete or accurate and it should not be relied upon as such.  All information is subject to change without notice.


Hi Mark,

Louise is interviewing Paul Pryzant on Tuesday(8/8) at 3:00.

Have a nice weekend!

Tammie


I've reviewed the attachment that I previously forwarded to you with Gary
Fergus.  Basically, the CalPX "converted" any unsigned performance bond into
"additional collateral requirements" for both CORE and CTS markets [this
relates to the letters received by EPMI, EES, and PGE today regarding
unsigned indemnity agreements; please let me know if you did need a copy of
them].

Questions are (1) do they have a right to do this although it is not under
the tariff and (2) I thought Enron was already obligated under the CTS bond
requirements via the "rider" to Enron's existing surety bond w/AIG that was
handled in 1999 supporting CTS activity?  Richard, didn't they verbally
communicate that to you when you visited them last week as well?

With respect to the letters received by all 3 Enron entities:
EPMI received (2) letters from the CalPX - one for the CORE and one for the
CTS market.  However, EPMI did not receive a margin call today (as indicated
in the letter that the PX would do) for any deficit...based on the attachment
below, EPMI has a deficit in the CORE market of ($32.2MM).
EES received (1) letter from the CalPX pertaining to the CORE market.  EES
also received a VERBAL margin call today i/a/o $18MM.  EES has current
collateral in the form of a $2MM letter of credit (which was originally
posted to the CalPX in order to establish EES as a market participant so that
EES could use the PX for market viewing purposes).  Since EES has been an
inactive PX participant and I did not see how EES could get a margin call
based on the definition of charge-backs, I called Chris Anderson at the PX to
get an explanation.  Chris Anderson indicated that yes, although EES has
never been active, Lynn Miller (CalPX CFO) is taking all steps to send out
letters to any and all participants who have not signed the indemnity
agreement and following through with any necessary margin calls.  The $18MM
margin call is per Chris Anderson "a formality measure" although he did not
figure that EES would post $18MM collateral.  He also stated that he did not
see EES getting an invoice in the future or being paid anything in the future
given its inactive status.  I expressed my concern that the PX would
potential draw down on the existing $2MM letter of credit if EES did not post
the $18MM margin.  He said that the PX would only draw down on the L/C if
"EES did not pay an invoice from the CalPX."  So, unless something new arises
out of the tariff [such as a revision in the definition of charge-backs], I
do not foresee EES receiving an invoice in the future from the CalPX but you
never know.  IT IS STILL A MARGIN CALL for $18MM.
PGE also received (1) letter from the CalPX pertaining to the CORE market.
However, PGE did not receive a margin call today (as indicated in the letter
that the PX could do).  I spoke with Tyesha Woods, credit mgr at PGE,
regarding the letter and its current collateral position with the CalPX.
Tyesha Woods indicated that during her last conversation with the CalPX,
since PGE was due money for power deliveries, the CalPX should "net" any
required collateral from PGE from its expected receivables.  The PX at that
time agreed to use the as an offset.

Tracy

---------------------- Forwarded by Tracy Ngo/PDX/ECT on 02/05/2001 07:40 PM
---------------------------

Tracy Ngo
02/05/2001 06:45 PM
To: gfergus@brobeck.com, Richard B Sanders/HOU/ECT@ECT
cc: William S Bradford/HOU/ECT@ECT

Subject: Enron Credit Exposure

Gary/Richard,

FYI, I'm forwarding an email from Chris Anderson at the California Power
Exchange re. our current CORE and CTS market expsosure.  I haven't reviewed
this entirely yet, but will do so shortly.  Please call to discuss should you
have any questions.

Regards,
Tracy
503-464-8755

---------------------- Forwarded by Tracy Ngo/PDX/ECT on 02/05/2001 06:47 PM
---------------------------

<Chris_A_Anderson@calpx.com> on 02/05/2001 06:35:31 PM
To: tracy.ngo@enron.com
cc: bwhitwell@we-law.com, Lisa_G_Urick@calpx.com

Subject: Enron Credit Exposure

Tracy,

Per your request, here is a worksheet summarizing EPMI's margin requirement
and
collateral deposit since last Thursday.

Regards,

Chris Anderson
626-537-3377

(See attached file: Enron -  credit explosure .xls)

 - Enron -  credit explosure .xls


----- Forwarded by Steven J Kean/NA/Enron on 10/20/2000 09:56 AM -----

New meeting request from Georgeanna Hoiseth

  11/01/2000 02:30 PM Local Time
  11/01/2000 04:00 PM Local Time

Title: Data Repository Meeting
Location:  4C2

Chair:  Georgeanna Hoiseth/Corp/Enron

To (required): Andrea Yowman/Corp/Enron@ENRON, Bill Donovan/EPSC/HOU/ECT@ECT,
Brenda Anderson/NA/Enron@Enron, Clifford Jackson/Corp/Enron@ECT, Curtis
Fincher/Corp/Enron@Enron, dtraweek@ccsystems.com, Geary
Surratt/Corp/Enron@ENRON, Harry Grubbs/EPSC/HOU/ECT@ECT, Kathryn
Schultea/HR/Corp/Enron@ENRON, Louis Porter/Corp/Enron@ENRON, Lynette
Crawford/Corp/Enron@ENRON, Marie Hejka/Corp/Enron@ENRON, Robert
Knight/HOU/ECT@ECT, Steve Woods/EPSC/HOU/ECT@ECT, Steven J Kean/NA/Enron@Enron
cc (optional):

Please plan to attend the next Data Repository Meeting on Wednesday, November
1st at 2:30 pm.   We will be having a demonstration of the website that
displays the new database and we will be discussing the results of the
comparison of the new database with DataMart's database.


Anytime! Thanks for all your patience!

Kate

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: EPMI-EES Discrepancies (3/29)

Kate,

Thanks for all of your help!

Brooklyn


Jim,

Thanks. I shall call him.

Vince

James D Steffes@EES
09/20/2000 09:39 AM
To: Vince J Kaminski/HOU/ECT@ECT, Jeff Dasovich/SFO/EES@EES
cc:
Subject: Presentation to faculty and students at Berkeley

Vince --

Please feel free to also call Jeff Dasovich (415-782-7822) in our San
Fransisco office.  He has been very involved in the California market
discussions and presented before FERC during their field hearings.  He knows
the profs you are meeting with and has some great insights into our positions.

Jeff also attended Berkeley as an undergrad and is now attending their
B-school in the evenings.

Thanks.

Jim Steffes

---------------------- Forwarded by James D Steffes/HOU/EES on 09/20/2000
09:33 AM ---------------------------
From: Steven J Kean@ENRON on 09/20/2000 09:21 AM
Sent by: Steven J Kean@ENRON
To: Maureen McVicker/NA/Enron@Enron, James D Steffes/HOU/EES@EES, Elizabeth
Linnell/NA/Enron@Enron
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Presentation to faculty and students at Berkeley

Maureen -- please send Vince my California testimony and the talking point
presentation for Jeff Skilling at the National Press Club.
Eliz-- keep Vince on the distribution list for the documents we are
generating now to repond to the California situation.
----- Forwarded by Steven J Kean/NA/Enron on 09/20/2000 09:18 AM -----

	Vince J Kaminski@ECT
	09/18/2000 01:26 PM

		 To: Steven J Kean/NA/Enron@Enron
		 cc: Charlene Jackson/Corp/Enron@ENRON, Celeste Roberts/HOU/ECT@ECT, Vince J
Kaminski/HOU/ECT@ECT, Ashley Baxter/Corp/Enron@Enron
		 Subject: Presentation to faculty and students at Berkeley

Steve,

I am a lead recruiter at the University of California at Berkeley for
Enron Analyst/Associate program.

I contacted several friends who work at Berkeley and received an invitation
from one of them to make a presentation at the weekly Faculty Seminar
of the Dept. of Industrial Engineering and Operations Research.

The students and faculty members from the business school will be also
invited.

Berkeley in general, and Department of Industrial Engineering and Operations
Research in
particular, are important centers of academic research on electricity markets
(S. Oren works very closely with Severin Borenstein).

My presentation will focus on the Analyst/Associate program. I shall  also
have
an opportunity to discuss the power markets in California (I expect many
questions) before many experts who are very  important to shaping
public opinion and regulatory agenda.

Please, let me know who in you group could help me in preparing this
presentation
and in presenting  Enron's point of view in a more effective way.

Vince

FYI. The name of my friend who invited me:

Shmuel S. Oren, Professor
Dept. of Industrial Engineering
and Operations Research
4117 Etcheverry Hall
University of California
Berkeley, CA 94720-1777


Sally

Please edit review revise as needed the attached.  I hope you find the
attachments helpfull.  Please note that I
did not hear back from Bob or Leslie on where gas settlements will end up.  I
will talk to you in follow-up later
today.  Please note that  I will also drop off a diskette for Patti to use as
needed with the attachments.

Other note I will visit with James later today.

Thanks

Regards

Tom

 - Feb 2001Organizational Chart a.doc
 - Sally Beck Organizational Change Feb 1 2001.doc


Please plan on attending a meeting regarding Cleburne Gas on Thursday March 8
at 2:00-3:00pm in conference room 3143A.

Thanks,

Tina


Here is an update on the activities for E-Trans.  Please remember that we are
under confidentiality agreements with the other parties of E-Trans and this
must not be discussed outside the Company.

It appears that the other parties of E-Trans are willing to go to the next
level of discussions on E-Trans and we hope to start discussions of the
commercial and policy issues as early as next week.  The additional parties
will be ALSTOM/ESCA, PJM, CalPx, and APX.  We will begin to discuss the
technical detailing the meshing of the forward and real-time markets and
system integration the following week.

We will also have two ALSTOM/ESCA employees that will be based in Houston to
support the project for the next four weeks.

The Task List and Schedule is as follows:

1. Prepare ESCA Consulting Agreement
2. Determine Commercial Structure for E-Trans
3. Detailed Description of each parties responsibility
4. Begin Technical Discussions
 a. Meshing the real-time and forward markets (Policy)
 b. Integrating the system  (Technical)
6. Product for FERC Filing
 a. Make off-the-self manual (Thane)
 b. FERC Tariff

September 21, 2000
Commercial and Policy Meeting
Chicago
Attendees:
John Florey CalPx
Ed Cazalet/Ralph Samuelson APX
Kenneth Laughlin PJM
Randy Berry Alstom/Esca
Jim Steffes Enron
Janice More
Jeff Brown
Thane Twiggs

September 27-28
Technical Meeting
Houston Woodland,s Conference Center
Attendees:
Andy Ott PJM
Randy Berry ESCA ?
David Sun
Ralph Samuelson? APX
John Flory CALPX
Steve Walton Enron
Lloyd Will
Charles Yeung
Jeff Brown
Thane Twiggs

October 4-5
Technical Meeting
TBD


Paolo,

I cannot open the file. When I try to use my Acrobat reader, I get
a message that the file does not begin with %PDF-. The file that
I receive is winmail.dat; the pdf files typically have an extension
.pdf  and begin with teh same string of characters.
Possibly, the file is modified by the E-mail program.

My fax number is 713 646  2503.

Vince

 -----Original Message-----
From: 	"Paolo Cadoni" <pcadoni@riskwaters.com>@ENRON [mailto:IMCEANOTES-+22Paolo+20Cadoni+22+20+3Cpcadoni+40riskwaters+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, July 18, 2001 3:50 AM
To:	Kaminski, Vince J
Subject:	RE: Request for Assistance from Risk Magazine

Vincent,

Try with this file. It is a pdf one. If it does not work again let me know,
so that I can fax you the document. In this case I would need your fax
number.

Thank you again for your time and understanding.

Best regards,

Paolo Cadoni

 - winmail.dat << File: winmail.dat >>


------------------------------------------------------------------------------------------------------
W E E K E N D   S Y S T E M S   A V A I L A B I L I T Y

F O R

November 16, 2001 5:00pm through November 19, 2001 12:00am
------------------------------------------------------------------------------------------------------

SCHEDULED SYSTEM OUTAGES:

ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

AZURIX: No Scheduled Outages.

EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.

EDI SERVER: No Scheduled Outages.

ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages

ENRON NORTH AMERICAN LANS:
Impact:  3AC
Time:  Fri 11/16/2001 at  10:00:00 PM CT thru Sat 11/17/2001 at 12:00:00 AM CT
	Fri 11/16/2001 at    8:00:00 PM PT thru Fri 11/16/2001 at  10:00:00 PM PT
	Sat 11/17/2001 at  4:00:00 AM London thru Sat 11/17/2001 at  6:00:00 AM London
Outage:  Swing 3AC 8th and 9th floors to CORP IP space.
Environments Impacted:  8th
Purpose: EBS Integration
Backout: re-issue original configurations, bring trunk to eb44 back up.
Contact(s): 	Micah Staggs    713-345-1696

Impact:  Ardmore
Time:  Sat 11/17/2001 at  10:30:00 PM CT thru Sun 11/18/2001 at   2:30:00 AM CT
	Sat 11/17/2001 at     8:30:00 PM PT thru Sun 11/18/2001 at 12:30:00 AM PT
	Sun 11/18/2001 at  4:30:00 AM London thru Sun 11/18/2001 at  8:30:00 AM London
Outage:  Add redundant connections between ARD-COR-CCX1/2 and ENA-CX1/2-ARD
Environments Impacted:  All
Purpose: Increased bandwidth / resiliency available on the MAN
Backout: Put original equipment/configs back in place
Contact(s): 	Dennis McGough    713-345-3143

FIELD SERVICES:  No Scheduled Outages.

INTERNET: No Scheduled Outages.

MESSAGING:
Impact:  Corp Notes
Time:  Fri 11/16/2001 at  9:00:00 PM CT thru Sat 11/17/2001 at    1:00:00 AM CT
	Fri 11/16/2001 at  7:00:00 PM PT thru  Fri 11/16/2001 at  11:00:00 PM PT
	Sat 11/17/2001 at  3:00:00 AM London thru Sat 11/17/2001 at  7:00:00 AM London
Outage:  cNotes Server Reboots
Environments Impacted:  All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval
Backout: Make sure server comes up.
Contact(s): 	Trey Rhodes  (713) 345-7792

Impact:  EI
Time:  Fri 11/16/2001 at  9:00:00 PM CT thru Sat 11/17/2001 at    1:00:00 AM CT
	Fri 11/16/2001 at  7:00:00 PM PT thru  Fri 11/16/2001 at  11:00:00 PM PT
	Sat 11/17/2001 at  3:00:00 AM London thru Sat 11/17/2001 at  7:00:00 AM London
Outage:  EI Notes Server Maintenance
Environments Impacted:  EI Local/Domestic/Foreign Sites
Purpose: Scheduled @ 2 week interval
Backout: N/A
Contact(s): 	David Ricafrente    713-646-7741

Impact:  EES
Time:  Fri 11/16/2001 at  8:30:00 PM CT thru Fri 11/16/2001 at  11:30:00 PM CT
	Fri 11/16/2001 at  6:30:00 PM PT thru Fri 11/16/2001 at    9:30:00 PM PT
	Sat 11/17/2001 at  2:30:00 AM London  thru Sat 11/17/2001 at  5:30:00 AM London
Outage:  EES Notes Server Reboots
Environments Impacted:  All users on any of the mailservers listed below
Purpose: Scheduled @ 2 week interval on 1st and the 3rd Friday of each month.
Backout:
Contact(s): 	Dalak Malik    713-345-8219

MARKET DATA:
Impact:  CORP
Time:  Sat 11/17/2001 at  12:00:00 PM CT thru Sat 11/17/2001 at  12:30:00 PM CT
	Sat 11/17/2001 at  10:00:00 AM PT thru Sat 11/17/2001 at  10:30:00 AM PT
	Sat 11/17/2001 at  6:00:00 PM London thru Sat 11/17/2001 at  6:30:00 PM London
Outage:  Autex - "taurus" system upgrade
Environments Impacted:  Autex
Purpose: replace obsolesced hardware with Enron Standard hardware configuration for critical trading application
Backout: Replace with original system
Contact(s): 	John Sieckman    713-345-7862

NT: No Scheduled Outages.

OS/2:  No Scheduled Outages.

OTHER SYSTEMS:
Impact:  SAP
Time:  Fri 11/16/2001 at  8:00:00 PM CT thru Mon 11/19/2001 at    2:00:00 AM CT
	Fri 11/16/2001 at  6:00:00 PM PT thru Mon 11/19/2001 at  12:00:00 AM PT
	Sat 11/17/2001 at  2:00:00 AM London thru Mon 11/19/2001 at  8:00:00 AM London
Outage:  Add New SAP Storage
Environments Impacted:  SAP
Purpose: Disk growth in SAP required procurement of additional disk.
Backout: Revert to current configuration.
Contact(s): 	Gary Sentiff    713-345-5125

SITARA:  No Scheduled Outages.

SUN/OSS SYSTEM: No Scheduled Outages.

TELEPHONY: No Scheduled Outages

TERMINAL SERVER:  No Scheduled Outages.

UNIFY:  No Scheduled Outages.

----------------------------------------------------------------------------------------------------------------------------
								FOR ASSISTANCE

(713) 853-1411   Enron Resolution Center

Specific Help:
Information Risk Management			(713) 853-5536
SAP/ISC                                                                               (713) 345-4727
Unify On-Call 					(713) 284-3757  [Pager]
Sitara On-Call					(713) 288-0101  [Pager]
RUS/GOPS/GeoTools/APRS			(713) 639-9726  [Pager]
OSS/UA4/TARP				(713) 285-3165  [Pager]
CPR						(713) 284-4175  [Pager]
EDI Support 					(713) 327-3893  [Pager]
EES Help Desk					(713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call                    (713) 327-6032 [Pager]


AGA for 2/9/01 is -95

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

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


just a couple of minor changes - what is the last sentence about?


Mark:  I've been asked whether ENA can enter into derivatives with an Indian
company.  Do you have research regarding legality/enforceability since the
1997 global review which ENA conducted through Allen & Overy?  Thanks.  Sara


Sorry it took so long.

Robin


The CMS/CRS Ops Cmte Mtg scheduled for Friday, 10/19 has been cancelled.  We will resume these meetings in approximately 2 weeks.
Thanks.


MCLAUGHLIN, JR., ERROL L,
?
You have been selected to participate in the Mid Year 2001 Performance
Management process.  Your feedback plays an important role in the process,
and your participation is critical to the success of Enron's Performance
Management goals.
?
To complete a request for feedback, access PEP at http://pep.enron.com and
select Complete Feedback from the Main Menu.  You may begin providing
feedback immediately and are requested to have all feedback forms completed
by Friday, May 25, 2001.
?
If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:
Houston:  1.713.853.4777, Option 4 or email: perfmgmt@enron.com
London:  44.207.783.4040, Option 4 or email: pep.enquiries@enron.com
?
Thank you for your participation in this important process.
?
The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."  Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.  NOTE: YOU WILL
RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.
?
Employee Name:
HOGAN, IRENA
JOHNSON, LUCHAS


I have just been informed by my inestimable -- dare I say indefatigable?? --
colleague, [the soon-to-be-Mrs.] Lysa Akin, that the previously selected time
conflicts with a Rick Shapiro conference call and therefore, the Staff
meeting is now moved up to 8:00 AM, same day (Friday, the 27th).

Thanks,
Joseph
---------------------- Forwarded by Joseph Alamo/NA/Enron on 04/24/2001 12:56
PM ---------------------------

	Joseph Alamo
	04/24/2001 11:50 AM

To: Paul Kaufman/PDX/ECT@ECT, Susan J Mara/NA/Enron, Sandra
McCubbin/NA/Enron, Jeff Dasovich/NA/Enron, Alan Comnes/PDX/ECT@ECT
cc: Lysa Akin/PDX/ECT@ECT

Subject: NOTICE of STAFF MEETING DATE CHANGE & AGENDA REQUEST

Please note that Paul has indicated that he'd like to hold the weekly Staff
meeting & conference call this week on Friday, April 27, at 8:30 AM PST

Please also consider this request to forward your Agenda items to me, if any,
as soon as possible.

Thanks in advance for your cooperation,

Joseph Alamo
Sr. Administrative Assistant
Government Affairs - The Americas
San Francisco CA


Friday, September 29, 2000

Teco Tap  16.187 / Enron ;94.230 / HPL Gas Daily

HPL  LS Katy   No Flow

Saturday, September 30, 2000

Teco Tap  47.917 / HPL Gas Daily

HPL LS Katy    No Flow

Sunday, October 1, 2000

Teco Tap  45.000 / Enron ; 7.083 / HPL IFERC

HPL LS Katy      15.000 / Enron


Have just talked with adjuster again, and she has preliminary verbal report
from surveyor who says that drawings merely confirm his prior contention that
this generator was NOT a total loss at the time of the loss, but that further
inspection of the unit would be necessary to prove otherwise.

The comments from Andrew Edison about pressing SWPC on their responsibilities
and ownership of the unit, this has previously been expressed by the adjuster
to Jim Bouillion.  She definitely would like to have a sit down meeting with
Enron people only, not SWPC at this time,  to discuss options and where we go
from here.  She still hasn't signed the CA, but that is not necessary as she
is not looking at the drawings and looking at them by her is not necessary
for the purpose of a meeting with Enron.

I did not check her availability for a meeting at this time because my
schedule for Mon-Tues is still up in the air, and Jim Bouillion has a Mon-Wed
meeting with our captive insurer in Vermont and would not be available before
Thursday.  Do we collectively want to go forward with the sit down meeting
with the adjuster, and if yes, who all needs to be involved and what are
their availabilities?

Concerning the VALUE of the generator, the declared value of the entire
shipment was $24,506,000.  There is no breakdown on the paperwork I have (or
the broker) that puts a separate value on just the generator.  Thus I guess
someone either has that or SWPC can provide that information.  The policy is
not a "replacement cost value"  policy nor an "actual cash value" policy, but
a "valued" policy.  What that means is we get paid what ever we declared the
value to be CIF + 10%.  Hence the need to know what part of the $24,506,000
is the "value" of the generator.

I await further instructions as to how you want to proceed.


Hey, I just peeked at our stock, and just wanted to say thank you.


It turns out the initial auction product will not be the emissions credits
but rather the EnBank UK synthetic gas storage product.  They want this
auction to allow bids to be revoked or revised up until the end of the
auction period and not to have the ability to accept bids until the
expiration time.  There is still no commitment to sell anything.  All
transactions will be for sales by Enron to the counterparty.  I have taken a
stab at revising the procedures language with this in mind.


POSREP HOEGH GALLEON, DATE:	19-May	12:00	9:00	(UTC)
A) Position at noon:	N	22 26	E	37 33
B) Dist. From last noon:	432	nm
C) Dist. To go to next port:	519	nm
D) ETA next port:	SUEZ	20 18:00	LT
E) 1: Average sea/wind	Sea:	NW 5	Wind:	NW 4
    2: Average speed	18	kn	RPM:	94.58
    3: BOG consumed	243	m3
    4: BOG Total	243	m3
    5: F.O Consumed	68	m3
    6: G.O. Consumed	0	m3
    7: Average vapor press		Average liq. Temp:
Tk1:	0.116	bar	-158.99	?C
Tk2:	0.114	bar	-159.04	?C
Tk3:	0.113	bar	-159.27	?C
Tk4:	0.112	bar	-158.96	?C
Tk5:	0.113	bar	-158.89	?C

Brgds Knut Bentzr?d
Master LNG/C "Hoegh Galleon"

E-mail: master.gall@hoegh.no
Teleph: Inmarsat tel.no.+873 330853910
Fax   : Inmarsat fax no.+873 330853913
Telex : Inmarsat B telex no.+583 330853915
Telex : Inmarsat C telex no.+583 430853910 (24hrs.watch)


Diana,

Please let me know Thursday, October 25 if Enron is interested in this type of product.  The generic agreement is attached with more details.  This is for a 25 MW times 16 hours times 6 days a week or 50 MW times 9 hours times 6 days a week only for the month of November 2001.

Please call if you require any additional information!

Thank you,

Sharon Liebert
Power Resource Coordinator
Douglas County PUD
Telephone:  (509) 881-2282
Fax:  (509) 884-0691
E-Mail:  sliebert@dcpud.org


I am sorry I could not call you earlier to talk about this; I have been in
Washington D.C. the last few days with my CEO for meetings.

First of all I want to say that I am very, very sorry that you have had to
deal with the Bill Perry issue in any way.  I think it is entirely
inappropriate to involve either of you and I am sure it has caused you
distress.  I am also sorry that I went onto Bill Perry,s property last
weekend and I promise to NEVER go on Bill Perry,s property again.

Last weekend the 6 of us took the usual hike around the Johansson,s property
and ended up on Roseman Creek road next to Bill Perry,s property with the
observation deck.  Scott has never seen the deck and has heard a lot about
it so I (in not my best judgment) thought it would be ok to quickly go up to
the deck and check it out for a couple minutes and come right back.  We did
not intend on hanging out on the deck or spending more than a couple of
minutes.  All I wanted to do was show Scotty where it was and what it looked
like.  Kent and Scott had been talking about building one on our property
and I wanted them to see it.  We went in the middle of the day and we did
not bring any drinks, bottles, cigarettes, or food.  We purposely went out
there with nothing, spent a couple of minutes and came right back.  I am not
saying that this was right (because it was still trespassing), but we did
not go out there as we had in the past.

Then, on Sunday, Bill Perry came (unannounced) to the dome and started
yelling at me.  He called me horrible names and said he was calling the
Sheriff.  I only spoke nicely to him and apologized repeatedly.  I also
promised him that I would never go onto his property again.  He embarrassed
me and said bad things about me and both of you regarding things that are
not even related to this event.  He also said that people continue to go on
his deck and disrespect his property.  This is when I knew that it is not
just us that has used his deck.  I have not been on his property in two
years and I know Prentice and Jeff haven,t either.  He complained that
things have still be mistreated and he blamed me for things that I could not
have done.  I know that what I did was not right and I tried to let him see
that I was sincere about never going there again, but he would not listen.

I know that I have to deal with this issue.  I assume you have the name of
the Sheriff so I can speak with him (and I hope you referred him immediately
to me).  You should not have been called in this matter and that is VERY
upsetting to me.  You did not trespass.  Trespassing is not a crime that is
against another person,s property, but rather against another person.  There
is no reason why you should be involved.  I am a 32 year old adult, full
capable of being responsible for my own actions.  I may make mistakes, but
it is not your responsibility to answer for those mistakes and I am sorry
that you have been put in this position.

Cameron Sellers
Vice President, Business Development
PERFECT
1860 Embarcadero Road - Suite 210
Palo Alto, CA 94303
cameron@perfect.com
650.798.3366 (direct dial)
650.269.3366 (cell)
650.858.1095 (fax)


(guest speaker: Mark Tawney from Weather Trading)


Christine, I spoke with Drew and he is OK with the changes shown in the
attached.  Questions--let me know.

Christine Stokes
09/18/2000 01:16 PM
To: Susan Scott/ET&S/Enron@ENRON
cc:

Subject: Revised Letter language

Susan - please note paragraph 2 has changed slightly.   Let me know if you
have any comments regarding the new structure of the 1st sentence in
paragragh 2.  Also, feel free to call Kevin if you need to discuss the reason
for the change. Thanks.


CalISO filed a tariff to charge scheduling coordinators FERC's annual
charge.  The ISO should charge end users (transmission customers).  As you
know we just got FERC to rule that marketers don't have to pay the annual
charges.  Tim wants to protest.  Protests due 1/19!  Please respond ASAP.


Click on this url for Livelink access.

                     http://edms.livelink.enron.com/ena/livelink.exe

Khadiza Uddin
Enron NetWorks
713-853-6001


Please respond to The Motley Fool
======================== THE MOTLEY FOOL ========================
                   B R E A K F A S T   N E W S
                     Monday, May 21, 2001
benjamin.rogers@enron.com
=================================================================

IN THIS ISSUE
---------------------
- TOP STORY: P&G COLORS ITSELF WITH CLAIROL
  http://www.fool.com/m.asp?i=412610

- NEWS TO GO: AT&T, PHARMACIA, AND DISNEY
  http://www.fool.com/m.asp?i=412611

- HOT TOPICS: AMD, APPLE, AND AOL TIME WARNER
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-----------------------------------------------------------------
TOP STORY
-----------------------------------------------------------------

P&G COLORS ITSELF WITH CLAIROL
How big is the hair-coloring business? Judging by the number of
boxes on an average drugstore shelf, pretty big. That notion was
confirmed this morning as consumer products giant and FOOL 50
component Procter & Gamble (NYSE: PG) agreed to by the Clairol
business from Bristol-Myers Squibb (NYSE: BMY).
http://www.fool.com/m.asp?i=412614
http://www.lnksrv.com/m.asp?i=412615

>>FULL STORY:
http://www.fool.com/m.asp?i=412616

-----------------------------------------------------------------
NEWS TO GO
-----------------------------------------------------------------

AT&T (NYSE: T) said Friday that Cox Communications (NYSE: COX)
and Comcast (Nasdaq: CMCSA) will keep their stakes in cable
Internet access company Excite@Home (Nasdaq: ATHM) rather than
sell them. In a remarkable deal, Cox and Comcast will not only
hold on to their shares of the broadband company --
majority-owned by AT&T -- but get more shares of the
telecommunications giant than they originally would have
received in exchange for getting out of Excite@Home. AT&T,
according to reports, stands to get a substantial tax benefit as
a result.

The FDA rejected Pharmacia's (NYSE: PHA) proposed Vestra
antidepressant, already sold elsewhere in the world as Edronax.
While disappointing, the drug's current worldwide sales are only
$100 million, small potatoes by Big Pharma standards. Pharmacia
would nevertheless like complements to its blockbuster Celebrex
arthritis drug, and the company has higher hopes for an FDA
panel's review planned for later this year.

Shrek, the computer-generated feature from privately held
Dreamworks, sent a warning shot across Disney's (NYSE: DIS) bow
this weekend by posting the best-ever opening by a non-sequel
animated feature and the second-best animated opening ever,
according to reports. The movie, which opened at the
second-largest number of theaters of any movie ever, will
(amazingly) be shown in more locations in the coming weeks
despite some theaters running shows at 45-minute intervals. As
someone who saw it, well, let's just say it's one for the
kiddies.

Insurer MetLife (NYSE: MET) Friday filed with the SEC to sell up
to $4 billion in common and preferred stock -- as well as other
forms of securities -- to fund operations. Todd Lebor took a
closer look at MetLife in a February column.
http://www.fool.com/m.asp?i=412617

Federated Department Stores (NYSE: FD) said its board OK'd a
$500 million boost to its stock buyback plan, which had $250
million in authorized repurchases remaining. Federated could buy
the shares on the open market or through other transactions. In
other company news, Chairman and CEO James Zimmerman said Friday
that Federated was not one of the companies interested in buying
Brooks Brothers, as was reported in The London Times.

-----------------------------------------------------------------
HOT TOPICS
-----------------------------------------------------------------

AMD GETS SOME RAVES
Some developers are feeling chipper about AMD's Athlon, and
Fools are offering their opinions.
http://www.fool.com/m.asp?i=412618

WHY SHOULD DELL FEAR AND RESPECT APPLE?
Fool Standabove says Dell should watch out: Apple is "constantly
raising the bar and redefining the rules."
http://www.fool.com/m.asp?i=412619

COULD AOL SAY, "WELCOME! YOU'VE GOT A NEW OS"?
AOL Fools discuss the rumors of AOL entering the OS market, and
question whether the company could compete against the industry
giants.
http://www.fool.com/m.asp?i=412620

>>MORE HOT TOPICS
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_________________________________________________________________
(c) Copyright 2001, The Motley Fool. All rights reserved. This
material is for personal use only. Republication and
redissemination, including posting to news groups, is expressly
prohibited without the prior written consent of The Motley Fool.

MsgId: msg-13090-2001-05-21_9-10-28-3302854_2_Plain_MessageAddress.msg-09:22:47(5-21-2001)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: benjamin.rogers@enron.com


I've got the awards dinner wrong.  That should be yes.

	RSVP - Law Conference Autoreply <joseph.lippeatt@enron.com>
	03/29/2001 02:26 PM
	Please respond to Sara.Davidson

		 To: tana jones <tana.jones@enron.com>
		 cc:
		 Subject: RSVP - Law Conference Autoreply

Thank you for submitting the following responses on the RSVP
Online Form for the 2001 Enron Law Conference. The
information you submitted is as follows:

Attendance: Y
First Name: tana
Last Name: jones
Position: Legal Specialist/Paralegal
Legal Group: ENA
Phone: (713) 853-3399
Fax: (713) 646-3490
Email: tana.jones@enron.com
Admin. Name: taffy milligan
Admin. Phone: (713) 345-7373
Admin. Email: taffy.milligan@enron.com
Arrival Date: May 2, 2001
Departure Date: May 4, 2001
Hotel Accommodations: Two Double Beds
Non-Smoking: Y
Other:
Thursday Activity: None Selected - No Activity Selected
Golf Handicap:
Awards Dinner: N
SAP Company: 0413
SAP Cost Center: 105657

This message is a confirmation of the details of your RSVP
form.  If any of the information is incorrect or your plans
change, e-mail Sara Davidson with the information. Do not
make any changes on the website.


The product long description below will fall under the new product type US
Plastic RGC3 Physical Forward.  Credit (Tom Moran) has approved copying the
profiles for the new product type from the following:

 US Styrene FOB Physical Forward

Please respond by Monday, April 2.

Thank you.
---------------------- Forwarded by Lisa Lees/HOU/ECT on 03/29/2001 04:43 PM
---------------------------

Chris Walker
03/29/2001 02:28 PM
To: Jeff Blumenthal/Enron@EnronXGate, Susan Musch/Enron@EnronXGate, Bjorn
Hagelmann/Enron@EnronXGate, Mark Taylor/HOU/ECT@ECT, John
Viverito/Corp/Enron@Enron, Michael A Robison/HOU/ECT@ECT, Tom
Moran/Enron@EnronXGate, Anjali Abraham/Enron@EnronXGate, John
Swinney/Enron@EnronXGate, Alexia Gonzales/Enron@EnronXGate
cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron,
Tara Sweitzer/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@ENRON, Melba
Lozano/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT
Subject: Product Type Aprroval Needed! (US PlasticRGC3 Phy Fwd)

Your approval is needed for the following new product type in Datamanager.
Please see the steps for approval below.

Thanks,

CW
3-7533

US PlasticRGC3 Phy Fwd

A Transaction with Enron Petrochemicals Company, a division of Enron Liquid
Fuels, Inc., under which the Seller shall sell and the Buyer shall purchase,
at the Delivery Location specified below and at the specified
quantity/tolerance, quality and price, a stream of  refinery grade
propylene.  The stream shall include: refinery grade propylene with minimum
purity 65% propylene, a maximum of 2% butanes and heavier, a maximum of 1%
ethanes and lighter, a maximum of 10 ppm of sulfur, 1 copper strip test, with
propane as the remaining balance (the &Stream8). The quantity shall be the
volume submitted by Counterparty via the Website.

The term of the Transaction shall correspond to the date(s) set forth in the
Product description on the Website.

The transaction is for delivery via scheduled pipeline to Dynegy Storage,
Mont Belvieu, Texas.  Title to and risk of loss of the product shall pass to
Buyer when the product enters the receiving inlet valve of the storage well.
The price  shall be determined as follows: (a) the price for contained
Propylene shall be the price submitted by Counterparty via the Website, and
(b) the price for all other components shall be the 'Avg' price for Liquefied
Propane Gas published in the table entitled 'Mont Belvieu Spot Gas Liquids
Prices' under the heading 'Non-TET Propane:  Any Current Month in the issue
of Oil Price Information Service ('OPIS') that reports prices effective for
each month during the term of the Transaction.

The price is quoted in cents (US) per unit of measure which will be the
Contractual Currency.  The volume quoted on the Website is in barrels for the
entire Stream.

The unit of measure against which the price is quoted for the entire Stream
shall be as follows: (a) contained propylene shall be quoted in cents per
pound (lb) and (b) all other components shall be quoted in cents per gallon
(gal) as specified in the OPIS publication described above.

STEPS FOR APPROVAL:

click the  START button
select  PROGRAMS
select  TEST APPLICATIONS
select ENRONONLINE CLUSTER(PROD)
 PROCEED WITH USUAL LOGIN/PASSWORD
click the Enron Online Production Cluster "START" button
select EnronOnLine (this is the EOL Datamanager)
 PROCEED WITH EOL LOGIN/PASSWORD
click on the "+" for EnronOnLine
click on the "+" for Product Types
click on the "+" for "Awaiting Approval" (OR  "Partially Approved")
select the product requiring review as stated in e-mail above
Right "mouse" click on "properties" to view product set-up
TO APPROVE:  Right mouse click on "Approved"


You have this on my calender for the 27th of September.

 -----Original Message-----
From: 	Elbertson, Janette
Sent:	Monday, September 24, 2001 9:23 AM
To:	Sanders, Richard B.; Blaine, Michelle; Williams, Robert C.; Brownfeld, Gail
Cc:	Sweet, Twanda; Truss, Stephanie; Cooley, Jan
Subject:	Litigation Quarterly Legal Review

The Litigation group's Quarterly Legal Review with Mark Haedicke is scheduled for Thursday, October 25, from 3:00 to 5:00 p.m. in EB38C2.  Please plan to attend.

Thank you.

Janette Elbertson
Enron Wholesale Services
Legal Department
Telephone:  (713) 853-7906
Fax:  (713) 646-2600
e-mail:  janette.elbertson@enron.com


Joe Parks should be set-up for managing products

Hunter
---------------------- Forwarded by Hunter S Shively/HOU/ECT on 07/14/2000
07:42 AM ---------------------------

	From:  Joe Parks                           07/13/2000 04:58 PM

To: Hunter S Shively/HOU/ECT@ECT
cc:
Subject: EOL Access

Stephanie Sever  is the contact in EOL Product Control. She needs your
approval to set me up to manage product on NGPL.


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 09/01/2000
01:32 PM ---------------------------

Regina Blackshear@ENRON
08/31/2000 07:28 PM
To: ginregblack@yahoo.com, ashp_2@yahoo.com, rubesblack@yahoo.com,
vblack4538@aol.com, l_carter61@hotmail.com,
sonia_l_castorena@reliantenergy.com, Yolanda Clay<yoclay@flash.net>,
Amber.Ebow@enron.com, Loneta Edison<Loneta.Edison@wcom.com>,
NAGILL443@aol.com, Tammy Green <tcgreen@flash.net>, locacherri@aol.com, "R
Jordan"<rhondamjordan@hotmail.com>, "BENEDICT
PETERS"<bouncing98@hotmail.com>, barbtuwhite@yahoo.com, lanetia
yarbrough<yar_bro@yahoo.com>, Diane Salcido/Corp/Enron@Enron, Eve
Puckett/Corp/Enron@ENRON, Angela Barnett/HOU/ECT@ECT, Derick
Jones/Corp/Enron@Enron, Amber Limas/HOU/EES@EES, Shirlet
Williams/HOU/EES@EES, Judy Hernandez/HOU/ECT@ECT
cc:
Subject: Fwd: IM

>> > "Be Still"
>> >
>> > God, what do you mean to be still and know you are God?
>> >
>> > My child, what I mean is:
>> >
>> > Though the earth be removed,
>> > Though the waters thereof roar and be troubled,
>> > Though the mountains shake with swelling,
>> > Though the wind blow,
>> > Though the storm rage;
>> >
>> > IN OTHER WORDS
>> >
>> > Though your bills are due,
>> > Though they give you a hard time on your job,
>> > Though your husband won't act right,
>> > Though your wife won't act right,
>> > Though your children are disobedient,
>> > Though there's sickness in your body,
>> > Though your enemies get on your NERVES;
>> >
>> > Stop your WORRIES!
>> >
>> > Stop your COMPLAINING!
>> >
>> > Stop your DOUBTING!
>> >
>> > Stop your FROWNING!
>> >
>> > Cease your fears, and dry up those tears!
>> >
>> > For I'm right there to comfort you,
>> > I'm right there to guide you,
>> > I'm right there to hold you up,
>> > I'm right there to heal you,
>> >
>> > I'm right there to deliver you.
>> >
>> > So cast your cares upon me for I careth for you.
>> > My child this is what I mean by being still and knowing I
>> > AM GOD.
>> >
>> > FOR I AM GOD ALL BY MYSELF!!!
>> >
>> >
>

________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com


Enron announced today that its common stock will now be traded as an Over-the-Counter (OTC) equity security under the symbol "ENRNQ."  This follows a decision by the New York Stock Exchange (NYSE) to file an application to delist Enron's common stock, which means that Enron's common stock and related securities are suspended from trading on the NYSE.  Enron is considering whether to appeal the NYSE's decision.

The NYSE has standard criteria for listing stocks, which can be found on their website at www.nyse.com.  Enron recently fell below the following listing criteria: average closing price of a security less than $1.00 over a consecutive 30 trading-day period.  Quotation service for Enron's stock will now be provided by the National Quotation Bureau, LLC "Pink Sheets."