---------------------- Forwarded by Phillip K Allen/HOU/ECT on 04/02/2001
02:49 PM ---------------------------

Parking & Transportation@ENRON
03/28/2001 02:07 PM
Sent by: DeShonda Hamilton@ENRON
To: Brad Alford/NA/Enron@Enron, Megan Angelos/Enron@EnronXGate, Suzanne
Adams/HOU/ECT@ECT, John Allario/Enron@EnronXGate, Phillip K
Allen/HOU/ECT@ECT, Irma Alvarez/Enron@EnronXGate, Airam Arteaga/HOU/ECT@ECT,
Berney C Aucoin/HOU/ECT@ECT, Peggy Banczak/HOU/ECT@ECT, Robin
Barbe/HOU/ECT@ECT, Edward D Baughman/Enron@EnronXGate, Pam
Becton/Enron@EnronXGate, Corry Bentley/HOU/ECT@ECT, Patricia
Bloom/Enron@EnronXGate, Sandra F Brawner/HOU/ECT@ECT, Jerry
Britain/Enron@EnronXGate, Lisa Bills/Enron@EnronXGate, Michelle
Blaine/ENRON@enronXgate, Eric Boyt/Corp/Enron@Enron, Cheryl
Arguijo/Enron@EnronXGate, Jeff Ader/HOU/EES@EES, Mark Bernstein/HOU/EES@EES,
Kimberly Brown/HOU/ECT@ECT, Gary Bryan/HOU/ECT@ECT, Rebecca W
Cantrell/HOU/ECT@ECT, Bob Carter/HOU/ECT@ECT, Carol Carter/Enron@EnronXGate,
Carmen Chavira/Enron@EnronXGate, Christopher K Clark/Enron@EnronXGate, Morris
Richard Clark/Enron@EnronXGate, Terri Clynes/HOU/ECT@ECT, Karla
Compean/Enron@EnronXGate, Ruth Concannon/HOU/ECT@ECT, Patrick
Conner/HOU/ECT@ECT, Sheri L Cromwell/Enron@EnronXGate, Edith
Cross/HOU/ECT@ECT, Martin Cuilla/HOU/ECT@ECT, Mike Curry/Enron@EnronXGate,
Michael Danielson/SF/ECT@ECT, Peter del Vecchio/HOU/ECT@ECT, Barbara G
Dillard/Corp/Enron@Enron@ECT, Rufino Doroteo/Enron@EnronXGate, Christine
Drummond/HOU/ECT@ECT, Tom Dutta/HOU/ECT@ECT, Laynie East/Enron@EnronXGate,
John Enerson/HOU/ECT@ECT, David Fairley/Enron@EnronXGate, Nony
Flores/HOU/ECT@ECT, Craig A Fox/Enron@EnronXGate, Julie S
Gartner/Enron@EnronXGate, Maria Garza/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT,
Monica Butler/Enron@EnronXGate, Chris Clark/NA/Enron@Enron, Christopher
Coffman/Corp/Enron@Enron, Ron Coker/Corp/Enron@Enron, John
Coleman/EWC/Enron@Enron, Nicki Daw/Enron@EnronXGate, Ranabir
Dutt/Enron@EnronXGate, Kurt Eggebrecht/ENRON@enronxgate, Marsha
Francis/Enron@EnronXGate, Robert H George/NA/Enron@Enron, Nancy
Corbet/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Margaret
Doucette/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Maria E
Garcia/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Humberto
Cubillos-Uejbe/HOU/EES@EES, Barton Clark/HOU/ECT@ECT, Ned E
Crady/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Stinson Gibner/HOU/ECT@ECT, Stacy
Gibson/Enron@EnronXGate, George N Gilbert/HOU/ECT@ECT, Mathew
Gimble/HOU/ECT@ECT, Barbara N Gray/HOU/ECT@ECT, Alisa Green/Enron@EnronXGate,
Robert Greer/HOU/ECT@ECT, Wayne Gresham/HOU/ECT@ECT, Mike
Grigsby/HOU/ECT@ECT, Linda R Guinn/HOU/ECT@ECT, Cathy L Harris/HOU/ECT@ECT,
Tosha Henderson/HOU/ECT@ECT, Scott Hendrickson/HOU/ECT@ECT, Nick
Hiemstra/HOU/ECT@ECT, Kimberly Hillis/Enron@EnronXGate, Dorie
Hitchcock/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Georgeanne
Hodges/Enron@EnronXGate, Jeff Hoover/HOU/ECT@ECT, Brad Horn/HOU/ECT@ECT, John
House/HOU/ECT@ECT, Joseph Hrgovcic/Enron@EnronXGate, Dan J Hyvl/HOU/ECT@ECT,
Steve Irvin/HOU/ECT@ECT, Rhett Jackson/Enron@EnronXGate, Patrick
Johnson/HOU/ECT@ECT, Amy Jon/Enron@EnronXGate, Tana Jones/HOU/ECT@ECT, Peter
F Keavey/HOU/ECT@ECT, Jeffrey Keenan/HOU/ECT@ECT, Brian
Kerrigan/Enron@EnronXGate, Kyle Kettler/HOU/ECT@ECT, Faith
Killen/Enron@EnronXGate, Joe Gordon/Enron@EnronXGate, Bruce
Harris/NA/Enron@Enron, Chris Herron/Enron@EnronXGate, Melissa
Jones/NA/Enron@ENRON, Lynna Kacal/Enron@EnronXGate, Allan
Keel/Enron@EnronXGate, Mary Kimball/NA/Enron@Enron, Bruce
Golden/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kim
Hickok/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Elizabeth Howley/HOU/EES@EES,
John King/Enron Communications@Enron Communications, Jeff
Kinneman/Enron@EnronXGate, Troy Klussmann/Enron@EnronXGate, Mark
Knippa/HOU/ECT@ECT, Deb Korkmas/HOU/ECT@ECT, Heather Kroll/Enron@EnronXGate,
Kevin Kuykendall/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, Andrew H
Lewis/HOU/ECT@ECT, Lindsay Long/Enron@EnronXGate, Blanca A
Lopez/Enron@EnronXGate, Gretchen Lotz/HOU/ECT@ECT, Dan Lyons/HOU/ECT@ECT,
Molly Magee/Enron@EnronXGate, Kelly Mahmoud/HOU/ECT@ECT, David
Marks/HOU/ECT@ECT, Greg Martin/HOU/ECT@ECT, Jennifer Martinez/HOU/ECT@ECT,
Deirdre McCaffrey/HOU/ECT@ECT, George McCormick/Enron@EnronXGate, Travis
McCullough/HOU/ECT@ECT, Brad McKay/HOU/ECT@ECT, Brad
McSherry/Enron@EnronXGate, Lisa Mellencamp/HOU/ECT@ECT, Kim
Melodick/Enron@EnronXGate, Chris Meyer/HOU/ECT@ECT, Mike J
Miller/HOU/ECT@ECT, Don Miller/HOU/ECT@ECT, Patrice L Mims/HOU/ECT@ECT,
Yvette Miroballi/Enron@EnronXGate, Fred Mitro/HOU/ECT@ECT, Eric
Moon/HOU/ECT@ECT, Janice R Moore/HOU/ECT@ECT, Greg Krause/Corp/Enron@Enron,
Steven Krimsky/Corp/Enron@Enron, Shahnaz Lakho/NA/Enron@Enron, Chris
Lenartowicz/Corp/Enron@ENRON, Kay Mann/Corp/Enron@Enron, Judy
Martinez/Enron@EnronXGate, Jesus Melendrez/Enron@EnronXGate, Michael L
Miller/NA/Enron@Enron, Stephanie Miller/Corp/Enron@ENRON, Veronica
Montiel/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kenneth Krasny/Enron@EnronXGate,
Janet H Moore/HOU/ECT@ECT, Brad Morse/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT,
Gerald Nemec/HOU/ECT@ECT, Jesse Neyman/HOU/ECT@ECT, Mary Ogden/HOU/ECT@ECT,
Sandy Olitsky/HOU/ECT@ECT, Roger Ondreko/Enron@EnronXGate, Ozzie
Pagan/Enron@EnronXGate, Rhonna Palmer/Enron@EnronXGate, Anita K
Patton/HOU/ECT@ECT, Laura R Pena/HOU/ECT@ECT, Susan W Pereira/HOU/ECT@ECT,
Debra Perlingiere/HOU/ECT@ECT, John Peyton/HOU/ECT@ECT, Paul
Pizzolato/Enron@EnronXGate, Laura Podurgiel/HOU/ECT@ECT, David
Portz/HOU/ECT@ECT, Joan Quick/Enron@EnronXGate, Dutch Quigley/HOU/ECT@ECT,
Pat Radford/HOU/ECT@ECT, Ina Rangel/HOU/ECT@ECT, Robert W Rimbau/HOU/ECT@ECT,
Andrea Ring/HOU/ECT@ECT, Amy Rios/Enron@EnronXGate, Benjamin
Rogers/HOU/ECT@ECT, Kevin Ruscitti/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT,
Richard B Sanders/HOU/ECT@ECT, Janelle Scheuer/Enron@EnronXGate, Lance
Schuler-Legal/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Jean
Mrha/NA/Enron@Enron, Caroline Nugent/Enron@EnronXGate, Richard
Orellana/ENRON@enronXgate, Michelle Parks/Enron@EnronXGate, Steve
Pruett/Enron@EnronXGate, Mitch Robinson/Corp/Enron@Enron, Susan
Musch/Enron@EnronXGate, Larry Pardue/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kevin P Radous/Corp/Enron@Enron,
Tammy R Shepperd/Enron@EnronXGate, Cris Sherman/Enron@EnronXGate, Hunter S
Shively/HOU/ECT@ECT, Lisa Shoemake/HOU/ECT@ECT, James Simpson/HOU/ECT@ECT,
Jeanie Slone/Enron@EnronXGate, Gregory P Smith/Enron@EnronXGate, Susan
Smith/Enron@EnronXGate, Will F Smith/Enron@EnronXGate, Maureen
Smith/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Geoff Storey/HOU/ECT@ECT,
Fletcher J Sturm/HOU/ECT@ECT, John Swafford/Enron@EnronXGate, Ron
Tapscott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Stephen Thome/HOU/ECT@ECT,
Larry Valderrama/Enron@EnronXGate, Steve Van Hooser/HOU/ECT@ECT, Hope
Vargas/Enron@EnronXGate, Brian Vass/HOU/ECT@ECT, Victoria Versen/HOU/ECT@ECT,
Charles Vetters/HOU/ECT@ECT, Janet H Wallis/HOU/ECT@ECT, Samuel
Wehn/HOU/ECT@ECT, Jason R Wiesepape/HOU/ECT@ECT, Allen Wilhite/HOU/ECT@ECT,
Bill Williams/PDX/ECT@ECT, Stephen Wolfe/Enron@EnronXGate, Stuart
Zisman/HOU/ECT@ECT, George Zivic/HOU/ECT@ECT, Mary Sontag/Enron@EnronXGate,
Eric Thode/Corp/Enron@ENRON, Carl Tricoli/Corp/Enron@Enron, Shiji
Varkey/Enron@EnronXGate, Frank W Vickers/NA/Enron@Enron, Greg
Whiting/Enron@EnronXGate, Becky Young/NA/Enron@Enron, Emily
Adamo/Enron@EnronXGate, Jacqueline P Adams/HOU/ECT@ECT, Janie
Aguayo/HOU/ECT@ECT, Peggy Alix/ENRON@enronXgate, Thresa A Allen/HOU/ECT@ECT,
Sherry Anastas/HOU/ECT@ECT, Kristin Armstrong/Enron@EnronXGate, Veronica I
Arriaga/HOU/ECT@ECT, Susie Ayala/HOU/ECT@ECT, Natalie Baker/HOU/ECT@ECT,
Michael Barber/Enron@EnronXGate, Gloria G Barkowsky/HOU/ECT@ECT, Wilma
Bleshman/Enron@EnronXGate, Dan Bruce/Enron@EnronXGate, Richard
Burchfield/Enron@EnronXGate, Anthony Campos/HOU/ECT@ECT, Sylvia A
Campos/HOU/ECT@ECT, Betty Chan/Enron@EnronXGate, Jason
Chumley/Enron@EnronXGate, Marilyn Colbert/HOU/ECT@ECT, Audrey
Cook/HOU/ECT@ECT, Diane H Cook/HOU/ECT@ECT, Magdelena Cruz/Enron@EnronXGate,
Bridgette Anderson/Corp/Enron@ENRON, Walt Appel/ENRON@enronXgate, David
Berberian/Enron@EnronXGate, Sherry Butler/Enron@EnronXGate, Rosie
Castillo/Enron@EnronXGate, Christopher B Clark/Corp/Enron@Enron, Patrick
Davis/Enron@EnronXGate, Larry Cash/Enron Communications@Enron Communications,
Mathis Conner/Enron@EnronXGate, Lawrence R Daze/Enron@EnronXGate, Rhonda L
Denton/HOU/ECT@ECT, Bradley Diebner/Enron@EnronXGate, Anna M
Docwra/HOU/ECT@ECT, Kenneth D'Silva/HOU/ECT@ECT, Karen Easley/HOU/ECT@ECT,
Kenneth W Ellerman/Enron@EnronXGate, Allen Elliott/Enron@EnronXGate, Rene
Enriquez/Enron@EnronXGate, Soo-Lian Eng Ervin/Enron@EnronXGate, Irene
Flynn/HOU/ECT@ECT, Christopher Funk/Enron@EnronXGate, Jim
Fussell/Enron@EnronXGate, Clarissa Garcia/HOU/ECT@ECT, Lisa
Gillette/HOU/ECT@ECT, Carolyn Gilley/HOU/ECT@ECT, Gerri Gosnell/HOU/ECT@ECT,
Jeffrey C Gossett/HOU/ECT@ECT, Michael Guadarrama/Enron@EnronXGate, Victor
Guggenheim/HOU/ECT@ECT, Cynthia Hakemack/HOU/ECT@ECT, Kenneth M
Harmon/Enron@EnronXGate, Susan Harrison/Enron@EnronXGate, Elizabeth L
Hernandez/HOU/ECT@ECT, Meredith Homco/HOU/ECT@ECT, Alton Honore/HOU/ECT@ECT,
Roberto Deleon/Enron@EnronXGate, Jay Desai/HR/Corp/Enron@ENRON, Hal
Elrod/Enron@EnronXGate, Paul Finken/Enron@EnronXGate, Brenda
Flores-Cuellar/Enron@EnronXGate, Irma Fuentes/Enron@EnronXGate, Jim
Gearhart/Enron@EnronXGate, Camille Gerard/Corp/Enron@ENRON, Sharon
Gonzales/NA/Enron@ENRON, Carolyn Graham/Enron@EnronXGate, Thomas D
Gros/Enron@EnronXGate, Sam Guerrero/Enron@EnronXGate, Andrew
Hawthorn/Enron@EnronXGate, Katherine Herrera/Corp/Enron@ENRON, Christopher
Ducker/Enron@EnronXGate, Jarod Jenson/Enron@EnronXGate, Wenyao
Jia/Enron@EnronXGate, Kam Keiser/HOU/ECT@ECT, Katherine L Kelly/HOU/ECT@ECT,
William Kelly/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Lisa Kinsey/HOU/ECT@ECT,
Victor Lamadrid/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Jenny
Latham/HOU/ECT@ECT, Jonathan Le/Enron@EnronXGate, Lisa Lees/HOU/ECT@ECT, Kori
Loibl/HOU/ECT@ECT, Duong Luu/Enron@EnronXGate, Shari Mao/HOU/ECT@ECT, David
Maxwell/Enron@EnronXGate, Mark McClure/HOU/ECT@ECT, Doug
McDowell/Enron@EnronXGate, Gregory McIntyre/Enron@EnronXGate, Darren
McNair/Enron@EnronXGate, Keith Meurer/Enron@EnronXGate, Jackie
Morgan/HOU/ECT@ECT, Melissa Ann Murphy/HOU/ECT@ECT, Gary Nelson/HOU/ECT@ECT,
Michael Neves/Enron@EnronXGate, Joanie H Ngo/HOU/ECT@ECT, Thu T
Nguyen/HOU/ECT@ECT, Angela Hylton/Enron@EnronXGate, Jeff
Johnson/Enron@EnronXGate, Laura Johnson/Enron@EnronXGate, Robert W
Jones/Enron@EnronXGate, Kara Knop/Enron@EnronXGate, John
Letvin/Enron@EnronXGate, Kathy Link/Enron@EnronXGate, Teresa
McOmber/NA/Enron@ENRON, James Moore/Enron@EnronXGate, Jennifer
Nguyen/Corp/Enron@ENRON, ThuHa Nguyen/Enron@EnronXGate, George
Nguyen/Enron@EnronXGate, Reina Mendez/Enron@EnronXGate, Frank Karbarz/Enron
Communications@Enron Communications, William May/Enron Communications@Enron
Communications, John Norden/Enron@EnronXGate, Kimberly S Olinger/HOU/ECT@ECT,
Richard Pinion/HOU/ECT@ECT, Bryan Powell/Enron@EnronXGate, Phillip C.
Randle/Enron@EnronXGate, Leslie Reeves/HOU/ECT@ECT, Stacey
Richardson/HOU/ECT@ECT, Drew Ries/Enron@EnronXGate, Jose Ruiz/MAD/ECT@ECT,
Tammie Schoppe/HOU/ECT@ECT, Mark L Schrab/HOU/ECT@ECT, Sherlyn
Schumack/HOU/ECT@ECT, Susan M Scott/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT,
Russ Severson/HOU/ECT@ECT, John Shupak/Enron@EnronXGate, Bruce
Smith/Enron@EnronXGate, George F Smith/HOU/ECT@ECT, Will F
Smith/Enron@EnronXGate, Mary Solmonson/Enron@EnronXGate, Sai
Sreerama/HOU/ECT@ECT, Mechelle Stevens/HOU/ECT@ECT, Patti
Sullivan/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT, Michael
Swaim/Enron@EnronXGate, Janette Oquendo/Enron@EnronXGate, Ryan
Orsak/ENRON@enronXgate, Mark Palmer/Corp/Enron@ENRON, Michael K
Patrick/Enron@EnronXGate, John Pavetto/Enron@EnronXGate, Catherine
Pernot/Enron@EnronXGate, John D Reese/Enron@EnronXGate, Sandy
Rivas/Enron@EnronXGate, Sean Sargent/Enron@EnronXGate, Vanessa
Schulte/Enron@EnronXGate, Rex Shelby/Enron@EnronXGate, Jeffrey
Snyder/Enron@EnronXGate, Joe Steele/Enron@EnronXGate, Omar
Taha/Enron@EnronXGate, Diana Peters/Enron@EnronXGate@ENRON_DEVELOPMENt, Harry
Swinton/Enron@EnronXGate, James Post/Enron Communications@Enron
Communications, Mable Tang/Enron@EnronXGate, Sheri Thomas/HOU/ECT@ECT,
Alfonso Trabulsi/HOU/ECT@ECT, Susan D Trevino/HOU/ECT@ECT, Connie
Truong/Enron@EnronXGate, Khadiza Uddin/Enron@EnronXGate, Adarsh
Vakharia/HOU/ECT@ECT, Rennu Varghese/Enron@EnronXGate, Kimberly
Vaughn/HOU/ECT@ECT, Judy Walters/HOU/ECT@ECT, Mary
Weatherstone/Enron@EnronXGate, Stacey W White/HOU/ECT@ECT, Jason
Williams/HOU/ECT@ECT, Scott Williamson/Enron@EnronXGate, O'Neal D
Winfree/HOU/ECT@ECT, Jeremy Wong/Enron@EnronXGate, Rita Wynne/HOU/ECT@ECT,
Steve Tenney/Enron@EnronXGate, Todd Thelen/Enron@EnronXGate, N Jessie
Wang/Enron@EnronXGate, Gwendolyn Williams/ENRON@enronXgate, Dejoun
Windless/Corp/Enron@ENRON, Jeanne Wukasch/Corp/Enron@ENRON, Lisa
Yarbrough/Enron@EnronXGate, Will Zamer/Enron@EnronXGate, Ned
Higgins/HOU/ECT@ECT, Saji John/Enron Communications@Enron Communications,
Francisco Pinto Leite/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Barry
Tycholiz/NA/Enron@ENRON, Bob M Hall/NA/Enron@Enron, Pamela
Brown/NA/Enron@Enron, Gerri Gosnell/HOU/ECT@ECT
cc: Louis Allen/EPSC/HOU/ECT@ECT, Raquel Lopez/Corp/Enron@ENRON
Subject: Enron Center Garage

The Enron Center garage will be opening very soon.

Employees who work for business units that are scheduled to move to the new
building and currently park in the Allen Center or Met garages are being
offered a parking space in the new Enron Center garage.

This is the only offer you will receive during the initial migration to the
new garage. Spaces will be filled on a first come first served basis. The
cost for the new garage will be the same as Allen Center garage which is
currently $165.00 per month, less the company subsidy, leaving a monthly
employee cost of $94.00.

If you choose not to accept this offer at this time, you may add your name to
the Enron Center garage waiting list at a later day and offers will be made
as spaces become available.

The Saturn Ring  that connects the garage and both buildings will not be
opened until summer 2001. All initial parkers will have to use the street
level entrance to Enron Center North until Saturn Ring access is available.
Garage stairways next to the elevator lobbies at each floor may be used as an
exit in the event of elevator trouble.

If you are interested in accepting this offer, please reply via email to
Parking and Transportation as soon as you reach a decision. Following your
email, arrangements will be made for you to turn in your old parking card and
receive a parking transponder along with a new information packet for the new
garage.

The Parking and Transportation desk may be reached via email at Parking and
Transportation/Corp/Enron or 713-853-7060  with any questions.

(You must enter & exit on Clay St. the first two weeks, also pedestrians,
will have to use the garage stairwell located on the corner of Bell & Smith.)


---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 10/05/2000
05:47 PM ---------------------------

	From:  Christopher Watts @ ENRON                           10/05/2000 05:24 PM

To: Don Miller/HOU/ECT@ECT
cc: Benjamin Rogers/HOU/ECT@ECT
Subject: fixed OM estimate for 2000 & 1999 peakers

As an insurance policy, here is the attachment of fixed OM estimtate
calculations.


FYI re my voice mail to you. Jim

 -----Original Message-----
From: 	pincussr@nmenergy.com@ENRON
Sent:	Wednesday, October 17, 2001 2:04 PM
To:	jderric@enron.com
Subject:	Career Opportunities at Enron

Dear Mr. Derrick:

     Les LoBaugh suggested that I contact you to inquire about an in-house
counsel position at Enron. I am the General Counsel of Niagara Mohawk Holding's
unregulated subsidiaries, Niagara Mohawk Energy, Inc. and Niagara Mohawk Energy
Marketing, Inc. We expect the sale of Niagara Mohawk Energy Marketing to close
in November or December of this year, pending FERC approval, and a sale of
Niagara Mohawk Energy's Distributed Power and Energy Services Business units may
occur contemporaneously with that closing. Therefore, I am now pursuing other
career opportunities.

     I am a good candidate for an in-house counsel position at Enron because of
my 12 years experience as an attorney in the energy industry. As General Counsel
for the Company, I provide legal services and business advise to senior
management and the Board of Directors of both the energy marketing and the
energy services subsidiaries. My experience includes drafting and negotiating
gas and electric retail sales agreements and master agreements and related
documents for wholesale energy trading and marketing transactions, including
physical transactions and financial instruments such as swaps. I monitor and I
am responsible for representing my company in FERC and state regulatory
proceedings. I keep up to date on the fast moving events and trends in the
energy marketing and trading industry by closely monitoring regulatory
proceedings, reading information that is published in trade and related energy
industry publications and my involvement with the National Energy Marketers
Association and the Federal Energy Bar Association. I am also responsible for
representing the company and managing outside counsel in litigation and
alternative dispute resolution proceedings. My experience includes utility
regulatory and legal matters, the transactional work associated with corporate
mergers and acquisitions, corporate governance, human resource/employee issues,
interconnection agreements, municipal law, leasing, financing and secured
transaction agreements, commercial contracts, condemnation litigation and real
property matters.

     I have attached my resume for your review. Please contact me at your
earliest convenience to schedule an interview. I look forward to hearing from
you soon.

     Thank you for your consideration.

                         Very truly yours,
                         Steven R. Pincus

               (See attached file: Pincus Resume.doc)

 - Pincus Resume.doc


Please find attached the Global Markets Monitor for the week ending 26
January 01.

Maureen Raymond-Castaneda and
Gwyn Koepke


please print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/02/2001
07:52 AM ---------------------------

Robert Johnston
12/29/2000 04:23 PM
To: Bjorn Hagelmann/HOU/ECT@ECT, Steinunn Thordardottir/HOU/ECT@ECT
cc: Jeffrey A Shankman/HOU/ECT@ECT, Scott Tholan/Corp/Enron@Enron, Brendan
Fitzsimmons/NA/Enron@Enron
Subject: Venezuela/LNG

Steinunn- per your request, please find attached our initial report on
political risk in the Venezuelan gas sector.  A more general report on
Venezuelan political and economic conditions will follow next week.

Cordially,

Robert Johnston
Manager, Market Analysis
Enron Global Markets
Competitive Analysis Group
x39934
rjohnst@enron.com


Have a wonderful day.  I'm gone to the Cadillac Bar for our Christmas
Luncheon.


Just to let you all know, at Randy's request, the Notices setting out
CanFibre's Failure to Pay under the Gas and Power Contracts have been sent
out.

I called to follow up and our fax containing both notices has been received
in its entirety by Amerisearch (the agent for CanFibre), therefore the clock
has started ticking. CanFibre has until the close of business on Wed. Aug.
16th to pay the amounts owed.

As per the terms of the Contracts, the fax has also been sent by Fedex to
Christopher Carl in Toronto.

If CanFibre does not cure the Failure to Pay by 8/16/00, Legal will get
together with Randy and Chris to set the Early Termination Date and send
further notifications.

Any questions, please call me.

Shari

(x 39477)


It is with sadness and regret that we announce that Cliff Baxter is resigning
as an employee of Enron.  We are happy, though, that Cliff,s primary reason
for resigning is to spend more time with his family.

Cliff is a unique talent.  His creativity, intelligence, sense of humor, and
straightforward manner have been assets to the company throughout his
career.  He will be missed.

Cliff joined Enron in 1991 and was a key member of the team that built Enron,
s wholesale business.  Before becoming Vice Chairman of Enron, Cliff served
in a variety of positions in Enron,s wholesale businesses, culminating in his
appointment as Chairman and Chief Executive Officer of Enron North America in
1999.

We have asked Cliff, and he has agreed, to continue in a consulting role for
the company while concluding negotiations on a number of key asset
dispositions.

Please join us in thanking Cliff for his service to the company and in
wishing him the very best.


EB4022.

sorry about that.

 -----Original Appointment-----
From: 	Donoho, Lindy
Sent:	Wednesday, October 24, 2001 3:52 PM
To:	Kedwaii, Hasan
Subject:	Accepted: Updated: IOS
When:	Thursday, October 25, 2001 2:30 PM-3:30 PM (GMT-06:00) Central Time (US & Canada).
Where:	Lisa's Office

Where is Lisa's Office?


Notice No.: 01-170
May 17, 2001

To:
All Stockholders of NYMEX Holdings, Inc.

From:
Donna M. Talamo, Director
Office of the Corporate Secretary

Re:
Special Meeting of Stockholders - Wednesday, May 23, 2001

Please be reminded that a Special Meeting of Stockholders of NYMEX Holdings,
Inc. will be held on Wednesday, May 23, 2001 at 4:00 p.m. (New York Time), at
One North End Avenue, Boardroom 1010, New York, New York 10282-1101 for the
following purposes:

1. To elect three (3) Equity Holder directors to terms that each expire in
the years 2004, 2003 and 2002; and

2. To elect one (1) Futures Commission Merchant director which term ends in
the year 2003, and one (1) Public director which term ends in the year 2002.

The foregoing items of business are more fully described in the Proxy
Statement that  was sent to you on May 3, 2001.

All Stockholders are eligible to and are encouraged to vote.  If you are
unable to attend the Special Meeting, you are urged to mark, sign, date and
return the proxy card and proxy in accordance with the voting instructions
contained within the Proxy Statement.

If you have any questions in connection with the aforementioned, please
contact me at (212) 299-2372.

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

"http://208.206.41.61/email/email_log.cfm?useremail=sara.shackleton@enron.com&
refdoc=(01-170)"

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


I don't have any issues.

Thanks,

Susan

	Enron North America Corp.

	From:  Rebecca W Cantrell                           02/05/2001 03:13 PM

To: Brenda H Fletcher/HOU/ECT@ECT, Colleen Sullivan/HOU/ECT@ECT, Donna
Greif/HOU/ECT@ECT, Frank W Vickers/NA/Enron@Enron, John
Hodge/Corp/Enron@ENRON, Judy Townsend/HOU/ECT@ECT, Paul Tate/HOU/EES@EES,
Robert Superty/HOU/ECT@ECT, Ruth Concannon/HOU/ECT@ECT, Suzanne
Calcagno/NA/Enron@Enron, Victor Lamadrid/HOU/ECT@ECT, Susan W
Pereira/HOU/ECT@ECT, Tricia Spence/HOU/ECT@ECT
cc: Melinda Pharms/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron
Subject: Any Petal Gas Storage Issues?

As reported previously in the trade press, Petal Gas Storage has decided to
build its own pipeline to connect its storage facility in Forrest Co., MS to
interconnections with Southern Natural, Destin, and Transco in Clarke and
Jasper Cos., MS.  We have received FERC's notice of the application (Docket
No. CP01-69), and will be filing an intervention before the February 20
deadline.  Southern Company Services has contracted for the full 700,000
Mcf/day of capacity for a term of 20 years.  The project calls for about 59
miles of 36-inch pipeline and a 9,000 HP compressor station at a cost of
about $94,343,700.

As part of its application, Petal also submitted pro forma tariff provisions
and rates for firm and interruptible transportation services and asked for
authority to charge negotiated rates.  Petal also requested approval of
certain deviations from the pro forma transportation agreement for the
contract with Southern, apparently to allow Southern to act as agent for its
affiliated operating electric utilities to apportion capacity among them.

Please advise if you have any issues with Petal that should be made a part of
our intervention.  The certificate application is 635 pages, not including
another 778 pages for the environmental reports, so I'm not going to request
a copy unless someone indicates a desire to review it.


Orlando. I will participate in an energy panel. See the text below for the messages and let me know if there is some else that you woulf like me to stress.

I decided to keep it at a high level, discuss the key root causes, and ask "what next'"?

The main theme is trade issues "Brazil, the US. and FTAA. Energy is a subtopic.

Francisco Gros is exepect to participate in the panel via videoconfernce.

Jose


Dear Friends:

Fall Happy Hour

Friday, September 15, 2000

after work:  5:30 pm -- 8:00 pm

Ragin Cajun--on the patio
(the new location)

Westheimer at Gessner
(the Randalls shopping center on the corner)

832-251-7171

Feel free to bring friends!

Hope to see you there!!

Jana


Start Date: 2/28/01; HourAhead hour: 15;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001022815.txt

---- Generation Schedule ----
*** Final schedule not found for preferred schedule.
     Details:

  TRANS_TYPE: FINAL
  SC_ID: Wheelabrat
  MKT_TYPE: 2
  TRANS_DATE: 2/28/01
  UNIT_ID: MARTEL_2_AMFOR
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 15 / Preferred:  29.00 / Final:  28.97)
  TRANS_TYPE: FINAL
  SC_ID: ARCO
  MKT_TYPE: 2
  TRANS_DATE: 2/28/01
  UNIT_ID: CARBGN_6_UNIT 1


Don,

It was a pleasure talking with you yesterday evening. Thank you for making
the time to meet with us. I am looking forward to working with you on this
index. Your comments and suggestions are always welcome.
I am attaching the spreadsheet for you to enter your trades. Again, if you
need something different, just let me know.

Lisa Lawson
Markets Editor
Megawatt Daily
713 939-5802
llawson@ftenergy.com <mailto:llawson@ftenergy.com>

 <<CinergyHourlyTradesReport.xls>>

 - CinergyHourlyTradesReport.xls


Jay:

You and I can talk through the issues.  The key point is that you have to
vote the best interest of the corporation on whose board you sit and not your
personal interest or the interest of Enron.  Give me a call and we can talk
through the business of Convergent and what the risks are.

Mark


Anjam,

Here is the model for fitting the term structure of UK gilts.
The basic idea is as follows:

dirty price_{ith gilt} = Sum_{j} C_{i}/2*discount factor(t_{j,i} )+
100*discount factor(t_{Ni, i}

Using a five parameters analytical form for the discount factors, and
minimizing the sum of
absolute errors, I can derive a smooth zero curve.   The model needs an
initial guess
for the parameters, this may require some experience. The log file can help
you to see
how well the optimization works.

Let me know if you have any questions.

Zimin


Here is the status of projects that I am aware of:
Enquiry into Removal Strategy for Berg Defendants
 I spoke with Rich Levy of Gibson Dunn & Crutcher who represents
SEMPRA in the Berg gas/electric class action filed in Los Angeles.  [(213)
229-7556  rlevy@gdclaw.com]  I asked him whether he would tell me if they
were considering removal of the Berg action.  He told me that he had our
removal papers.  He asked if we had any research that we were willing to
share with him.  He said they looked at preemption, filed rate doctrine,
ripeness etc. and concluded that ultimately we would be in state court.  He
also said that he did not believe there were any good motions to dismiss
that were worth making.  I told him that some of the work product was a
joint defense effort that would require permission to share (e.g. the Paul
Hastings memo) but that there was other work product we might be willing to
share that had been done on behalf of Enron.  I told him that I believed
that there was good ninth circuit authority that was helpful and we really
believed federal court was a better forum for these types of cases.  He told
me he was willing to look at whatever authorities we could give him.   I
also told him that I understood that Mike Weaver represented Sempra in the
San Diego cases and gave him Mike's contact information.  He asked for
copies of our complaints and I sent them on to him.  He is willing to
discuss the case and possibly strategic alternatives.  He told me that El
Paso had retained David Palmer, formerly of Gibson Dunn to represent them in
this action.  El Paso and David Palmer are supposedly meeting on Wednesday
January 3rd.  According to Rich, their time to remove expires on January
16th.

 He told me that the Berg case was originally filed in Texas by the
Denver law firm Astrella & Rice against El Paso.  That case was dismissed
because the plaintiff was not a direct purchaser.  The plaintiffs then
sought to have Southern California Edison agree to be the named plaintiff.
Apparently they refused.  Rich said they were meeting with SCE to find out
what else was said.

 There is a second gas complaint, the Continental Forge case.
Apparently this case was filed in September but never served.  It has now
been amended and has been served.  A copy is attached.  (We obtained this
copy from the plaintiff's website so it does not have a signature for file
stamp, but Rich Levy said it was the complaint that had been served.)
    <<Continental Forge.cmplt.pdf>>
PUC Hearings
 I do not have many of the details of the hearings other than a
report from Mike Day that Michael Aguirre, plaintiffs' counsel in our case,
argued before the PUC that the real culprits are the power marketers and the
solution to the utilities problem is for the utilities to join the
plaintiffs' class action in San Diego.  Apparently today, Aguirre was cross
examining the utility and generator witnesses before the PUC (attempting to
aid counsel for the ratepayers) trying to show that the utilities should sue
the power marketers.
Public Record Act Request
 Michael Aguirre has made a public record act request for all
information subpoenaed by the PUC and "any other documents related to
alleged wrongdoing" from the ISO.  The PUC has set January 3rd as the
response date for comments on the request.
Data Provided by ISO to the PUC
 The ISO has told market participants that they have provided day
ahead and hour ahead schedules to the PUC, Bids, actual metered operations,
RMR, OOM, and OOS calls, generation out of service information and import
and export schedules.
EPMI Data
 Jeff Richter reported today that he believes they now understand
some of the data problems with the EPMI data.  I am scheduled to be in
Portland with Jeff on Friday to resolve the data issues, and discuss
integration of ongoing data collection with pending and potential discovery
requests.
Cornerstone Teleconference
 Dave Noonan reports that Michael Keeley at Cornerstone is very
interested in being retained.  One of his partners has been contacted by
another defendant but has not yet been retained by them yet.  Dave suggested
that we try and do a telephone interview of Michael tomorrow and retain him
if we like what we hear.  His CV is set forth below.  I will try to
coordinate a time tomorrow morning.
AG Investigation
 So far the California AG has been reducing the scope of its data
retention request.  For EES, they basically wanted a snapshot and nothing
else for the time being.  As for individual computers, they want an
organizational chart to select 6-12 computers that they are interested in.
EPMI Tapes Prepared in Anticipation of Litigation
 We are awaiting specific model information about the Nicelog taping
system used in Portland.  Dan Dietrich in IT in Houston is getting that
information for us.  We believe we will have access to some technology that
will assist in the review of these materials.  We will also distribute
shortly the results of our research on the production of such materials and
any exact transcripts prepared of those litigation materials.
Current Trading Practices
 Christian Yoder, Steve Hall, Marcus Woods, Alan Comnes, Dan Watkiss,
Richard Sanders and myself discussed current trading practices in the out of
market and over $150 cap scenarios.  In short, if the ISO calls for power 20
minutes before the hour it is needed, there is no cap.  In some instances,
EPMI will have purchased power for $x and offer to sell it to the ISO at
$x+.  The plus factor being the credit risk and/or the refund risk for
having sold that power in addition to prevailing market conditions.  In the
over $150 cap situation, EPMI will be collecting its cost data to compare
with the prices charged the ISO or PX.  EPMI will be matching its ISO and PX
sales data with comparable high cost energy in its portfolio.  This is
consistent with FERC pre-existing practice.  We also discussed standard
instructions to traders.
Price Gouging Statute
 Richard Sanders has asked that we revisit the California Price
Gouging Statute in view of the current trading practices.   California Penal
Code section 396 prohibits price increases upon the proclamation of a state
of emergency by the President, Governor, or executive officer of any county
or city resulting from a natural or manmade disaster.  For thirty days after
such a proclamation, it is unlawful for any business "to sell or offer to
sell any consumer . . . goods, goods or services used for emergency cleanup,
. . . for a price of more than 10 percent above the price charged by that
person for those goods or services immediately prior to the proclamation of
emergency."  Such a violation is a misdemeanor punishable by one year of
jail time and a fine of up to $10,000.  A violation also constitutes an
unlawful business practice under section 17200.  It is unclear whether this
statute includes the sale of electricity and/ or the declaration of a state
of emergency by the ISO.
Ed Kee Engagement Letter
 Mike Kirby forwarded the form of engagement letter from Ed Kee.
Charles River Engagement Letter
 I have been in discussions with Charles River over the form of the
engagement letter.  I hope to have that resolved shortly.

Thanks
Gary

Michael Keeley Senior Vice President Menlo Park Office  1000 El Camino Real
Menlo Park, CA 94025 650.853.1660 mkeeley@cornerstone.com
<mailto:mkeeley@cornerstone.com>
Michael Keeley heads the firm's antitrust practice and helped develop its
intellectual property practice. He is an expert in economics, econometrics
and finance.  For more than twenty years, Dr. Keeley has consulted on and
served as an expert in a variety of business issues and legal disputes. He
has testified in Federal Court in several prominent cases, including the
Long Beach crude oil price-fixing case (MDL 150) and the Mercedes-Benz tying
cases. He has also consulted on, managed or served as an expert in a number
of other leading cases, including the Bell Atlantic v. AT&T antitrust
matter, the Aguilar, et al. v. Atlantic Richfield Corporation, et al.
antitrust case, Hartford House, Ltd., d.b.a. Blue Mountain Arts v. Microsoft
Corporation unfair competition case, the Lotus v. Borland and Sony v.
Connectix copyright cases, the MCI v. AT&T patent matter, the AMD v. Intel
arbitration, the Wyoming Tight Sands Antitrust Litigation and the
Exxon-Mobil merger. He has worked on numerous antitrust and intellectual
property cases, as well as on other cases dealing with issues such as
securities fraud, breach of contract, transfer pricing, fraudulent
conveyance and piercing the corporate veil. Dr. Keeley has also consulted on
non-litigation business and economic issues, such as antitrust policy, the
optimal design of regulatory programs, the reform of the welfare system,
auction design and bidding strategy, and economic development.  In the
antitrust area, much of Dr. Keeley's consulting has focused on cases
involving allegations of price fixing, monopolization, predatory pricing,
tying, unfair competition and price discrimination. He has addressed issues
of class certification, assessed the validity of damage studies, analyzed
the competitive effects of disputed practices and gauged the potential
economic effects of proposed mergers and acquisitions. Also, he authored
declarations in support of summary judgment in two antitrust matters in
which the courts granted summary judgment.  In the intellectual property
area, Dr. Keeley's consulting has focused on the proper measurement of
damages in patent, copyright and trade dress infringement matters,
assessment of damages in matters involving alleged breaches of technology
sharing agreements and analyzing liability and damage issues arising in
antitrust counterclaims. In the patent area, he has testified in a number of
cases, including AlliedSignal v. Sextant Avionique, Surety Technologies and
Telcordia Technologies v. Entrust Technologies, Harris Corporation v.
Macronix International, Level One Communications v. SEEQ Technology,
Scripto-Tokai v. Gillette and Agtek v. Spectra Physics. He has addressed
issues of lost profits and reasonable royalties as well as the valuation of
intellectual property in general. He has negotiated a software license and
is a member of the Licensing Executives Society. He authored "Estimating
Patent Damages in Patent Infringement Cases: An Economic Perspective" and
"Infringement: Valuing IP for Damages," which appeared in Les Nouvelles, a
publication of the Licensing Executives Society.  In the oil and gas area,
Dr. Keeley has served as an expert focusing on liability and damage issues
in a variety of matters involving antitrust and breach of contract. In the
Long Beach (MDL 150) case, he addressed the plaintiffs' allegations that
defendants fixed the price of crude oil and assessed the validity of their
damage claims. Dr. Keeley also addressed liability issues in the Aguilar, et
al. v. Atlantic Richfield Corporation, et al. case, a class action in which
the plaintiffs alleged that the defendants had fixed gasoline prices in
California. In addition to serving as an expert in oil and gas cases, Dr.
Keeley has served as a consultant in several matters, including the Wyoming
Tight Sands Antitrust Litigation, the McMahon case, a nationwide
class-action antitrust matter alleging the price fixing of crude oil and the
Exxon-Mobil merger.  In addition to oil and gas, Dr. Keeley has gained
familiarity with a number of other industries, including the computer
hardware and software, telecommunications, automotive and financial services
industries.  Prior to joining Cornerstone Research in 1989, he was an
officer of the Federal Reserve Bank of San Francisco, where his
responsibilities included conducting financial and economic research in
support of the Federal Reserve's regulatory activities. He also analyzed the
antitrust implications of bank mergers and acquisitions and made
recommendations to the Board of Governors of the Federal Reserve System
regarding whether or not such mergers might have anticompetitive impacts.
Before joining the Federal Reserve Bank of San Francisco, he founded and
managed Stanford Research Institute's (SRI's) Antitrust Economic Consulting
Group. In addition to consulting on a variety of antitrust matters, his work
at SRI focused on policy-oriented economic and statistical research. Dr.
Keeley has also taught courses in managerial economics and microeconomics in
the Graduate School of Business and the Department of Economics at the
University of Santa Clara.  Dr. Keeley's research has been published widely
in economics and finance journals. He is the author of two books and over
fifty published articles. Based on citations of his research, he was
selected for inclusion in Who's Who in Economics. He was also awarded the
Garn prize for his research on bank risk taking. He has also served as a
referee (i.e., reviewer) for many of the major economics and finance
journals.  Education Ph.D., M.A. in economics, University of Chicago; S.B.
in mathematics, Massachusetts Institute of Technology

 <<...>>
Copyright , 2000 Cornerstone Research

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 - Continental Forge.cmplt.pdf


I heard you're moving soon, or already have.  What address I can mail you
something at.....GEE?


Hi Paula,

A friend of mine comes from New York (an interview with
Enron on Monday) and he will stay with me on Sunday.

What about a dinner at the bistro?

Vince

From: Paula Corey@ENRON COMMUNICATIONS on 03/01/2001 09:56 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Doreen

V -

I spoke with Doreen this morning re: our San Francisco project. Please
forward info to her at

  doreen@magdalinweiss.com

Are you up fro brunch at my house on Sunday with Bill and Mary? Kathryn will
be home on midterm break

P -


David

I had a few minor suggestions, as set out below.  Please also note the
following:

SHELL had requested that the limitation of liability in clause 4(a) be
mutual; I have therefore left clause 4(a) as it stands, but added new clause
4(c) below.

The risk of including the language in (b)(ii) below is that SHELL will ask
for Enron for a  indemnity to the extent that SHELL suffers Loss arising out
of Enron's breach of the Agreement.  I have also sought to restrict the
circumstances where breach by SHELL would trigger the indemnity - I believe
sub-clauses (a), (c) and (d) of clause 2 capture these.

 (b)  Counterparty shall indemnify, protect, and hold harmless Enron and its
directors, officers, employees and agents from and against any and all
losses,   liabilities, judgments, suits, actions, proceedings, claims,
damages, and costs (including attorneys, fees) (collectively, &Loss8)
resulting from or arising out of (i) any  Transactions executed through the
Website by any person obtaining access to the Website through the Passwords
(as defined in the Password Application), whether  or not Counterparty has
authorized such access, or (ii) any material breach by Counterparty of its
obligations under clause 2(a), (c) or (d) of this Agreement, provided  that,
in no event will Counterparty have any liability under this clause 4(b) for
any Loss caused by the negligence or wilful misconduct of Enron.

 (c)  SUBJECT TO CLAUSE 4(b), IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE
OTHER PARTY FOR ANY SPECIAL, INDIRECT, INCIDENTAL,   PUNITIVE OR
CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, LOSS OF BUSINESS, LOSS
OF PROFIT, LOSS OR CORRUPTION OF DATA,  LOSS OF GOODWILL OR REPUTATION OR
WASTED MANAGEMENT TIME) WHICH MAY BE INCURRED OR EXPERIENCED ON ACCOUNT OF
EITHER   PARTY ENTERING INTO THIS AGREEMENT.

 (d) Nothing in this Agreement shall have the effect of limiting or
restricting either party's liability arising as a result of fraud.

Look forward to your response.

Thanks.
Justin

	Enron Capital & Trade Resources Corp.

	From:  GILBERGD@sullcrom.com                           18/10/2000 23:36

To: justin.boyd@enron.com
cc:

Subject: ETA

Justin:  Attached is a proposed revision of Section 4(b) of the ETA, as we
discussed.  I have attempted both to narrow its scope and to carve out the
negligence, misconduct or breaches of Enron.  Please call or e-mail with any
thoughts or comments.  Best regards.

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

This e-mail is sent by a law firm and contains information
that may be privileged and confidential. If you are not the
intended recipient, please delete the e-mail and notify us
immediately.

 - UKETA.doc


There are multiple Goldman files.  I do have the"ENA/GS&Co." online agreement
only.  I have it only for reference as it has been executed.   The problem
I'm referring to is the identification of the Lotus Notes Goldman files.  We
can catch up in our meeting which I have scheduled for Monday.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Cheryl Nelson@ENRON
	Sent by: Cheryl Nelson@ENRON
	02/23/2001 10:56 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Goldman Sachs International - Terms of Business Letter

I believe that Goldman is the file that you took back from me la while ago to
handle yourself, remember?

Cheryl Nelson
Senior Counsel
EB3880D
(713) 345-4693

	Sara Shackleton@ECT
	02/23/2001 08:40 AM

		 To: Cheryl Nelson/NA/Enron@Enron
		 cc:
		 Subject: Goldman Sachs International - Terms of Business Letter

Cheryl:

Goldman is one of the brokers "messed up" in Lotus Notes.  I had given you
the files some time ago with my comments.  I think it would make sense for us
to sort through Goldman for all affiliated companies.  I don't see an
agreement in Lotus Notes for ECT Inv. and Goldman Int'l.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 02/23/2001 08:37 AM -----

	Theresa T Brogan
	02/22/2001 06:20 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Cheryl Nelson/NA/Enron@Enron
		 cc: Cassandra Schultz/NA/Enron@Enron, John Greene/LON/ECT@ECT, Sheila
Glover/HOU/ECT@ECT
		 Subject: Goldman Sachs International - Terms of Business Letter

Sara/Cheryl,
 ECT Investments Inc has received a faxed document from Goldman Sachs
International  regarding terms of business for executing equity transactions
through the London office.  This document is not intended for the purposes of
opening up a new executing broker accouunt with Goldman Sachs International.
ECT Investments Inc currently has an existing executing broker agreement with
Goldman Sachs & Co which should cover trades done in Houston and London since
we are trading under the same legal entity.  The Terms of Business Letter
sets forths terms and conditions that would apply to transactions executed by
ECT Investments in London which is governed under the SFA rules and
regulations.
 I will forward a copy of the document to Cheryl.  Goldman Sachs
International is waiting for us to review and sign.  If you have additional
questions and concerns, I can be reached at extension 31439.

Thanks,
Theresa


Hi Teresa-here's our noms for Oct.  Thanks.  Bill Courtney


Attached is some information on the book values of our investment in NBP.  As
you can see, we track our investment by GP and LP.   I have forgotten who was
following up with whom - if you would like we could have Patty work this
through.  If so, who should she talk to?  I think the issues are:

What is the basis for carrying EOTT on a mark to market basis (if this is in
fact true)?  Could that rationale apply to our investment in NBP?
Are we required to carry LP interests on an equity method?  Why, given that
no real control follows the LP unit?
Could the GP interest be bifurcated from the LP, i.e. carry the GP on the
equity method and the LP on a cost or mark to market method?
Is there any basis for carrying newly purchased units on a different method
than our original holdings?

Have I missed any?
---------------------- Forwarded by Jerry Peters/NPNG/Enron on 11/06/2000
03:59 PM ---------------------------

Tom Umphreys
10/27/2000 11:46 AM
To: Jerry Peters/NPNG/Enron@ENRON
cc:

Subject: GP and CU Book Values

Jerry-

Here is the file we discussed.


Paul Bieniawski's phone number is 713-345-8641.  Go ahead and give him a call
just as a courtesy  to let him what you guys are looking at at Bushton and
let him know I put you up to it.  If he has some useful off the cuff
insights, great.  If not, that's fine also.  I don't expect you to send him
any material or get him deeply involved--just give him a heads up.  DF


Thought this might be of interest or help.  Mary

Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com
----- Forwarded by Mary Cook/HOU/ECT on 09/19/2000 05:43 PM -----

	Chaundra Woods
	09/18/2000 04:24 PM

		 To: Mary Cook/HOU/ECT@ECT
		 cc:
		 Subject: List of Admins who work overtime

Mary,

Attached is the list of administrative assistants in the department who work
overtime.


Bruce MacLeod at Hennigan's firm has informed me that plaintiffs will NOT file
a summary judgment motion against ECT Securities.

Also, next week Ralph Hellmold will be deposed on 6/13 and 6/14, but we will
not be expected to produce McGrath until July.

Question:  Do we want to pay McGrath to attend Hellmold's deposition on 6/13
and 6/14 to help me out (and maybe keep Hellmold a little more honest by his
presence in the room)?

................................................

ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com

2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
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This transmission is intended only for the use
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After talking to both Vance  Taylor and Julie Meyers, only 5 of the 13 deals
are committed reserve deals.  If they are not committed reserve they're not
in the IM wellhead portfolio.  The plan if everyone agrees, is to go ahead
and move the 5 and re-path to them to the  gathering and leave the other 13
on the 215 contract. Here is a list of the ones to move  and leave.

Move  to IM Wellhead re-path gathering

984056           #94120              Cologne Production Company
986480           #114514            Cokinos Natural Gas Company
986534           already repathed
986614           #130917            Prize Energy Resorces LP
986855           #94120              Cologne Production Company

Stay  on HPLC and 215 contract

986347           #234218           Duke Energy Trading
986751           #229726           Conerstone Gas Gathering CO. Inc.
986888           #126166           Amoco Trading Comp.
                         #95610             Amoco  Trading Comp.
986899           #104382           Highland Energy Company
989602           #229316           Wagner &  Brown Ltd
989603           #229467           Vintage Gas Inc.
989676           #151669           Cokinos Natural Gas Company
989711           #229316           Wagner & Brown Ltd.


As you may know, we are trying to schedule an interview for Alex Tartakovski
in Houston this week.  I am copying everyone involved because i wont be able
to coordinate this tomorrow.  we just brought our new daughter home today and
my wife is yelling at me to get out of my office.

I just found out that Thursday & Friday are bad days for him, so Wednesday is
the only day to do it this week.  he would come down tuesday night and fly
out wednesday evening.  it's probably easiest for him to arrange his flight,
but he will need a hotel and transportation from the airport.  i gave him
donna's phone number for help. i assume the hyatt would be best.  his home
number is 215-702-3705 and during the day his cellular is 267-981-5425.

by way of background, i plan to bring in 3 people from outside the company to
fill in some of the "vacants" in my group's org chart.  the 3 areas of
specialization that are needed to execute the business plan are (1)
coordination of origination, (2) deal pricing and underwriting, and (3)
modeling and portfolio management.  alex is the perfect person for #3.  he
has the deepest knowledge of probability of anyone i know and is efficient at
building analysis models, which will be a big job in this business because
portfolio management needs to be redefined in real time due to the lumpiness
of insurance contracts and the lack of any historical methods for evaluating
these risks.  development of pricing models will be a joint effort between
"my" group and the research dept because this will need to draw on the
expertise in research as well as being a realtime activity as new deals are
being structured.  i want to encourage joint work between vasant / amitava
and alex because his background and expertise is compatible with research.
over the past 2 years, alex and i spent a lot of time developing new
electricity spot pricing methodology and this is one area where he excels.  i
would expect that he would be a valuable resource in research as well, and so
i would like for him to be able to meet with vince is possible.  (this could
possibly be done when vince is in philadelphia next week if there is time -
(?))  depending on what work needs to be done in the future, i could see him
working both on pricing research and this specific business unit.

i have attached alex's resume.  i assume he would be manager level, but i'm
not sure of this.
this doesnt necessarily come across in the resume, but the skills that are
useful to us are:
probability / statistical model development
development of theoretical pricing methodology
excellent computer programming skills
database development and data analysis
he has the best understanding of the NERC reliability data format outside of
Mike Curley, the NERC data manager.
designed and wrote the code for the pricing model used by Ace Power Products
for deal pricing and porfolio mgmt.
excellent understanding of options pricing methodology and its application to
hedging insurance portfolios.
if you want to get into superconductor trading, he can design the standards.
can beat me at Atari Battlezone (as well as being able to navigate a real
tank through a minefield).

one objective of this meeting in houston is to make him feel comfortable with
the organization (with which you did such a good job for me) and to give him
confidence that he will be able to do state-of-the-art pricing research in
the most innovative company in the world.  he is also interviewing for a job
in morgan stanley's equity dept.

we will also arrange a meeting with Per in NY, but i would like to be in the
office for that, so we can do that next week.

please call me @610-996-2522 if there are any questions.  i may not pick up
but i will reply to voicemail promptly. i'm up 24 hours this week anyway.

thanks,

-- Dave


Bill -

Thanks for the invite -  I won't be able to make it Wednesday.  I'm going with my wife, and, although these seats aren't in the diamond level, it "wouldn't be prudent" for me not to go with her.  I'm confident you understand.  Thanks again.

Rob

 -----Original Message-----
From: 	"Swanstrom, Bill" <BSwanstrom@lockeliddell.com>@ENRON
Sent:	Monday, October 08, 2001 9:44 AM
To:	Walls Jr., Rob; Haedicke, Mark E.
Subject:	Playoff game on Wednesday

Mark  and Robbie, can you join me in the Diamond Seats for this Wednesday's playoff  game at noon?  Let me know.

H. William Swanstrom
Locke Liddell & Sapp LLPbswanstrom@lockeliddell.com << File: mailto:bswanstrom@lockeliddell.com >>
(713) 226-1143


Ina, will you have the IT group order and install Socal Gasslect and Passport
on my desktop and laptop pc?

Thank you,
Mike


Tana

I am not sure whether adequate notification has been received from PECO or
ComEd since their merger to form Exelon, however all trades with these two
former entities should be with Exelon Generation Company, LLC as all
agreements have been assigned and assumed by this new entity.

Exelon have indicated that they are not prepared to sign an EEI Master
Agreement for at least three months while they complete their restructuring.
In the interim the area that I see causing potential confusion is if on
EnronOnline, for example, different terms were agreed with PECO and ComEd. If
this is the case please advise and we will need to find a solution  to avoid
any confusion going forward.

In addition, from a credit perspective, there may be issues which Ed Sacks
may want to re-visit.

Regards,

Marcus


fyi
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/11/2000 03:38
PM ---------------------------

lee.johnson@ss.ps.ge.com on 12/11/2000 03:15:31 PM
To: lee.johnson@ss.ps.ge.com, peterthompson@akllp.com, kay.mann@enron.com,
john.r.ayres@enron.com
cc: kent.shoemaker@ae.ge.com, Cheryl.Lipshutz@enron.com,
roseann.engeldorf@enron.com, Brett.R.Wiggs@enron.com, Ben.Jacoby@enron.com,
paulpipitone@akllp.com, robtaylor@akllp.com, chriscobb@akllp.com,
michael.storm@ss.ps.ge.com

Subject: RE: Exhibits to Enron South America Gas Turbine Purchase Agreemen t

Folks,

John Ayres and I went through the Facility Agreement and Exhibits for the
ESA Turbine Purchase Agreement.  There were a few edits needed on Guarantee
Basis (F-1) and Scope of Supply Exhibits (B and N-2).  Also, one change to
the Emissions Test Exhibit.

John and I believe other than adding in the other Exhibits B-1 and H-2, this
is ready for execution copy.  Kay, please add these in for the final
circulation.

Also, on the contract, a number of redlines were required to reflect scope
of supply (addition of interconnect piping to cooling tower, unit liability
amount, payment schedule adjustment and retention amount, guaranteed
performance levels net of all GE supplied equipment aux. loads, guaranteed
delivery schedule for purchased options.

This should be ready to go, subject to a final review of the entire contract
document.

Regards,

Lee

-----Original Message-----
From: Johnson, Lee L (PS, SSEP)
Sent: Saturday, December 09, 2000 11:15 AM
To: 'Thompson, Peter J.'; Kay Mann (E-mail); 'john.r.ayres@enron.com'
Cc: Johnson, Lee L (PS, SSEP); Shoemaker, Kent (GEAE); Cheryl. Lipshutz
(E-mail); Roseann Engeldorf (E-mail); Brett. R. Wiggs (E-mail); Ben.
Jacoby (E-mail); Pipitone, Paul; Taylor, Rob; Cobb, Chris
Subject: RE: Exhibits to Enron South America Gas Turbine Purchase
Agreement

Kay,

I edited the Termination Schedule replacing the term Purchase Amount per
unit to Unit Liability Amount for consistency with the new structure.

Lee

-----Original Message-----
From: Thompson, Peter J. [mailto:peterthompson@akllp.com]
Sent: Friday, December 08, 2000 10:30 AM
To: Kay Mann (E-mail)
Cc: Lee. Johnson (E-mail); Kent. Shoemaker (E-mail); Cheryl. Lipshutz
(E-mail); Roseann Engeldorf (E-mail); Brett. R. Wiggs (E-mail); Ben.
Jacoby (E-mail); Pipitone, Paul; Taylor, Rob; Cobb, Chris
Subject: Exhibits to Enron South America Gas Turbine Purchase Agreement

 <<Exhibits to Gas Turbine Purchase Agreement - without notations.DOC>>

This is the most recent draft of the exhibits.

The following items need to be added to complete the exhibits:

1. Exhibits B-1 and H-2 need to be added.

2. If one is warranted, a Seller Parent Guarantee should be
included as Exhibit C-1.

3. Does Exhibit F need to be updated and revised before signing?

4. In Section 3.1 of Exhibit K, the terms "Specific Date" and
"Recovery Schedule" are not defined.

5. For Exhibit T, please confirm that Enron has received all
documents that it should have received by now.

 - Enron South America Turbine Agreement (version 4 to 5)_GEredline121100.DOC
 - Exhibits to Gas Turbine Purchase Agreement - without
notations_GEredline121100.DOC


Kam,

I found the following comment in Global Counterparty regarding the suspension of TXU Energy Trading Company (CP ID 69034):

Cheryl Johnson in the GCP group suspended this record due to the merger which resulted in the final name of TXU Energy Trading Company LP.  It sounds like deals need to be moved over to the new CP name.  You will need to coordinate that with Cheryl because she will have to re-activate the CP ID to do that.

Please let me know if you have any further questions.

Thanks,
SBR x30569

<Embedded Picture (Device Independent Bitmap)>


I've reviewed the rules and brackets....

 extra pts.   1  from 3 yd line,,  2pts from 10 yrd line

Games are 2, 20 minute halves with a 7 play rule at the end of the 20
minutes... 7 plays occur after the 20 minutes...

the Enron teams play first at  10 am  and then we have a 1 hour break...

the AC teams play at 11 and then play again at 12 against us..

so the AC teams will be tired.

The next game follows at 1 pm, the game against the Enron aggies (most
likely) for the tickets.

===

As soon as we get into the lead on the first game and cover whatever bets we
make with Webb  (a 17 pt lead in the first half ends the game)..   the top
players should take a break  (eric, paul, and stephen, alternatively should
take a break on offense, and Luis should sit  out on defense)

This is especially important for the game against AC, which should be an
easier game.   As soon as we get a 1 to 2 touchdown lead, the top players
should rest.

Last year our team was pretty tired going into the final game and with good
time management we can lower our chances of key injuries and tired players..

==

Eric if you have time,  throw some more plays together... perhaps some more
option,  pick off pass routes, reverses,  pitches to a back who passes to the
QB, etc...  indicate what the line/center should do for these run plays...

finally, Saturday morning lets take 5-10 minutes to go over defensive
assignments and go over how zone works... and who is responsible for what..
so that we're all on the same page.


From Gerald Nemec

Attached is the term sheet for your review.

Dan and Debra,  This term sheet would be incorporated into the confirm under
the Master Firm Purchase Agreement that Debra would prepare for J.M. Huber
Corporation.


ONCE-MIGHTY ENRON STRAINS UNDER SCRUTINY.
By ALEX BERENSON and RICHARD A. OPPEL Jr.

10/28/2001
New York Times News Service
c. 2001 New York Times Company

(For release Sunday, Oct. 28)
Is time running out for Enron?
At the beginning of this year, the Enron Corp., the world's dominant energy trader, appeared unstoppable. The company's decade-long effort to persuade lawmakers to deregulate electricity markets had succeeded from California to New York. Its ties to the Bush administration assured that its views would be heard in Washington. Its sales, profits and stock were soaring.
And under the leadership of Jeffrey K. Skilling, its chief executive, Enron's arrogance had grown even more quickly.
The company, based in Houston, dripped contempt for the regulators and consumer groups that stood between it and fully deregulated markets - for electricity, water and everything else. Everyone would win under deregulation, Enron said - especially its shareholders, whose stock would soar as the company profited from creating new markets.
"We are on the side of angels," Skilling said in March, dismissing those who saw the company as a profiteer in California's energy crisis. "People want to have open, competitive markets. They want fair competition. It's the American way."
But less than a year later, everybody seems to have lost, especially Enron's investors. Enron's stock is plunging, and questions about its finances are mounting.
Some experts in the energy industry worry that if the crisis at the company worsens, trading in natural gas and electricity could be seriously disrupted and energy prices could grow more volatile. In a worst-case outlook, Enron could become the 2001 version of Long-Term Capital Management, the huge hedge fund whose collapse roiled financial markets during the fall of 1998. Enron's shares have fallen more than 80 percent this year, erasing $50 billion in shareholder value.
Enron closed on Friday at $15.40, down 95 cents, after hitting a 52-week low of $15.04 earlier in the day.
Enron, trying to reassure investors that it has ample liquidity, began to repurchase all its outstanding commercial paper Friday, using $3.3 billion it borrowed from banks by using all of its lines of credit.
An Enron spokesman said that when the commercial paper repurchases are completed the company would retain more than $1 billion in cash.
The future of electricity deregulation is in doubt, due to blackouts and soaring power prices in California earlier this year - a crisis that ended only when that state contradicted deregulation's basic tenets by intervening deeply in the power market. Enron's efforts to become a profit-making water supplier and to create a new market in broadband communications capacity have been expensive failures. In August, Skilling quit, forcing Kenneth L. Lay, his predecessor as chief executive and still Enron's chairman, to resume day-to-day control of the company.
The company declined to make senior executives, including Lay, available for comment, and asked that questions be submitted in writing. Skilling could not be reached.
Enron's problems boiled over earlier this month, when it disclosed that its shareholders' equity, a measure of the company's value, dropped by $1.2 billion in the last quarter because of a deal disclosed only very hazily in Enron's regular financial statements. The Securities and Exchange Commission is looking into the company's financial reporting, and some investors question whether Enron has overstated profits at its primary business of trading electricity and natural gas.
The slump in the company's shares accelerated after Enron revealed the fall in its shareholders' equity. On Wednesday, the company forced out its chief financial officer, Andrew S. Fastow, who is at the center of the controversy over Enron's confusing finances. The company, which six months ago seemed to be reaping billions of dollars from California's energy crisis, today faces a potential cash crunch.
The surprise about shareholder equity inflamed investors' smoldering concern about Enron's opaque financial statements. Now, with Wall Street analysts and bond-rating agencies demanding more information about the complex transactions that have fueled the company's profits, Enron has been reduced to issuing news releases assuring investors that it has adequate access to cash.
Enron does not appear to be in immediate danger of running out of cash. On Thursday, the company drew down a $3.3 billion credit line it had previously arranged with a group of banks led by Citigroup and J.P. Morgan Chase, which have each extended at least $400 million. But because of Enron's importance in the natural gas and electricity markets, industry experts say that any problem at the company could disrupt energy trading nationwide.
The supply of natural gas and electricity would probably not be affected even if the company failed, because Enron is mainly a trader, rather than a producer, of energy. But a crisis at the company might increase the volatility of energy prices, which have swung wildly in the last year.
Philip K. Verleger Jr., an energy-markets economist, emphasized that he thought Enron would survive this crisis. But he said it was not clear what would happen if Enron ran out of cash or if traders that use the company's EnronOnline Internet trading marketplace defaulted on their obligations.
"You suddenly have all these positions they have taken on there - are they good? Are the firm's hedges good? What's the situation?" Verleger said. "It's got everyone scared."
In the short run, Enron's credit rating may be its biggest problem. If the company's rating falls below investment grade, Enron could be forced to issue tens of millions of shares of stock to cover loans that it has guaranteed. But creating new shares would make the shares that already exist less valuable, because those shares would no longer represent full ownership of the company.
A drop in the company's credit rating could also prompt other energy traders and producers to back away from doing business with Enron, hurting the company's sales and profits.
Enron's credit rating stands several notches above the critical point. But its bonds, which are publicly traded, have fallen so low that they are now offering interest rates of almost 10 percent, comparable with many junk bonds. Two of the three major credit-rating agencies, Moody's Investors Service and Fitch Investors Service, have put Enron's bonds on review for possible downgrades.
"The issue that's in the front of everybody's mind right now is credit," said Mark Gurley, senior vice president and general manager for trading at Aquila Inc., one of the nation's largest energy traders. Aquila is based in Kansas City, Mo.
For now, Aquila and other major energy traders and producers, including Reliant Energy, the El Paso Corp. and Dynegy, are continuing to do business with Enron. And Gurley said that Enron's own trading in the electricity and natural gas markets did not suggest the sort of frenzied selling reminiscent of the collapse of Long-Term Capital Management in 1998.
"They haven't done anything trading-wise that gives me any indication they are closing their books down," he said.
Still, some executives at other companies said they were looking more carefully at transactions with Enron, especially long-term contracts. They also said risk-management and credit officers were calling each other regularly to discuss the situation.
Mark Palmer, an Enron spokesman, said on Friday that no energy-trading company had stopped doing business with Enron. He declined to say whether any of the company's trading partners had suspended or altered credit terms. He said the company was continuing to see normal volumes of business.
But the crisis that Enron will face if its credit rating is downgraded is just a symptom of the bigger problem the company must confront. For years, the details of Enron's finances have been a mystery even to the Wall Street analysts whose job it is to follow the company, and to the investors who own its stock and bonds. When Enron's profits were soaring and it was creating lucrative new markets, shareholders did not seem to care about the impenetrability of its financial statements.
Now they do. Yet the company seems incapable of offering straight answers to the questions investors ask.
To others in the industry, the opaqueness of the company's financial statements parallels Enron's efforts to keep its energy-trading business lightly regulated and free of disclosure requirements. Though they do not expect Enron to crumble like Long-Term Capital Management, they say that, like the giant hedge fund, Enron uses a lot of debt, regulatory oversight is limited and outsiders have a difficult time figuring out its finances.
The most pressing concerns are a series of partnerships and trusts Enron created to move some of its assets and debt off its balance sheet. With names like Marlin and Osprey, the partnerships have at least $3.3 billion in bonds outstanding, backed by assets like a stake in Azurix, Enron's water company subsidiary. Enron has promised that if the partnerships' debts exceed the value of their assets, Enron will issue enough new shares to make up the difference.
Deals with partnerships formed by Fastow, who was chief financial officer when they were organized, led to the $1.2 billion write-off in shareholders' equity that Enron announced last week. The company has offered only skimpy details of its transactions with those partnerships.
Enron ended its relationships with those partnerships in the last quarter, after being criticized by shareholders. In the process, it wrote off a promissory note that it had carried on its books, reducing its shareholders' equity by $1.2 billion. But, because of complex accounting rules, the transaction was not apparent in Enron's quarterly earnings report.
The transaction disturbs investors because it suggests that Enron may have found a way to hide losses, throwing the accuracy of its financial statements into question. When Enron released third-quarter earnings on Oct. 16, it reported a loss from $1 billion in write-offs on failed investments. The earnings statement did not mention the additional $1.2 billion equity write-down. But the company said its core business had been solidly profitable, and its shares rose.
In a conference call with analysts after the announcement, Lay, Enron's chairman, also disclosed the reduction in shareholder equity. The reference was a brief one, however, and some listeners did not catch it. Those analysts were angered when they found out the next day what Enron had done, and many were confused by the accounting procedure. Enron's stock began to slide, and investors clamored for more information about the write-off. But so far, the company's efforts to clear up the situation have further unnerved investors.
Lay has met with investors during the last two weeks to try to explain the deals, but some on Wall Street say they have come away with doubts about Lay's grasp of the situation. They say that the two people at Enron who appear to have been most knowledgeable about the deals - Skilling and Fastow - have both left the company.
In an interview in late August, Lay said he did not know some details about the deals involving Fastow. In response to one question about them, he said, "You're getting way over my head."
Palmer of Enron disputed any suggestion that Lay did not have a grasp of the investments at issue, saying Lay was handicapped in talking about them because of the SEC investigation. "There is not a whole lot we can say, or should say, about them," Palmer said. He also said the company expected to generate about $3 billion in cash through asset sales by the end of next year.
In a conference call on Tuesday, analysts pressed Lay and other top Enron executives to reveal more information about the LJM write-down and its other partnerships. Instead, they offered only vague explanations of the deal, leaving Wall Street worried that more write-offs might be coming.
David Fleischer, a Goldman, Sachs analyst and a longtime supporter of the company, was among those who came away concerned. "If Enron is unable to clarify its off-balance-sheet transactions and restore confidence in the very near term by assuring investors that no more surprises are forthcoming that would affect the balance sheet or liquidity position, then the company will likely lose access to the capital markets," he wrote in a research note after the call.
To try to reassure investors, Enron said late Thursday that EnronOnline, its Internet-based trading exchange, executed more than 8,400 trades that day, a higher-than-normal volume.
"We know we have our work cut out for us if we are to rebuild our credibility with the investment community - and we're working on that," Lay said in a statement. "But in the meantime, the best evidence of our strength is the willingness of customers to bring their business to Enron."
But those reassurances apparently are no longer enough for Wall Street. Enron's stock tumbled almost 6 percent Friday, to its lowest levels in six years.
Now analysts are scrambling to figure out the extent of Enron's off-balance-sheet debt and to assess the risk that the company will have to issue new shares to make good on its partnership guarantees.
Carol Coale, an analyst at Prudential Securities in Houston, calculates that Enron may have close to $9 billion in off-balance-sheet debt. She said that Enron had for two years been trying to sell about $6 billion in foreign assets - including properties in Latin America and a power plant in India embroiled in a dispute with the state government - and she worries about those prospects for sale in light of Enron's problems and the souring economy.
"As Enron is forced to sell assets to keep the ratings agencies off their backs, they may have to write those assets down," Coale said. On Wednesday, she downgraded her rating on Enron to "sell" from "neutral."
"The bottom line is, it's really difficult to recommend an investment when management does not disclose the facts," Coale said.
Short-sellers, who attacked Enron's accounting even before the company disclosed the write-off, say the company's problems may run even deeper than analysts fear. Enron may have used the partnerships not just to finance money-losing investments but to hide losses in its core trading business, they say.
"The company still isn't disclosing enough to know whether the core business, the trading business, is profitable," said Mark Roberts, director of research at Off Wall Street, which recommended shorting Enron's stock on May 7, when it stood at $59.43. "The issue remains: why are they doing these transactions? Our theory has been that the core operations aren't that profitable."
James Chanos, a leading short-seller who has bet that Enron's stock will fall, said, "Is Enron booking gains when it has real profits, but hiding the losses when deals go against it?" Palmer of Enron said the company stood by its reported energy-trading profits.
Even traders at other energy companies say they do not have a clear picture of Enron's positions. Enron maintains that it is in no danger of being wiped out by a sharp move in electricity or gas prices because it keeps its trading book balanced - meaning the energy it has agreed to sell is offset, in roughly equivalent amounts, by energy it has agreed to buy.
"With these guys, they tell us - and all you've got is their word - that they're hedged," said Verleger, the economist.
In fact, Enron has lobbied forcefully over the years to limit regulation and disclosure of its trading operations. Last year, the company successfully lobbied Congress to effectively ensure that its Internet-trading platform would be exempted from regulation by the Commodity Futures Trading Commission.
Enron and other power traders do file limited information in reports to the Federal Energy Regulatory Commission, the agency that oversees wholesale electricity and natural gas markets. But the commission does not keep track of specific transactions and prices.
Large-scale energy trading has existed for only about a half-dozen years. Enron pioneered the business, and now dominates it, accounting for about one-quarter of all trading in the United States.
Before Congress and federal regulators opened up the market for wholesale electricity, a process that began in earnest a decade ago, the power business was a simpler affair. Utilities were given areas of monopoly service, and their rates - and ability to deliver enough electricity - were overseen by state regulators. But with the move to deregulate the business, independent and unregulated generators and traders have flourished, providing an ever-growing portion of the nation's power.
Beginning in the 1980s, the sale and transportation of natural gas was also deregulated, spurring Enron, which used to be primarily a gas-pipeline company, to move into the trading business.
The company's shift to trading gas and electricity accelerated in the mid-1990's, with the ascension of Skilling, who became chief executive in February, just six months before his unexpected resignation. Underscoring the change in direction, in securities filings this year Enron described its principal business as "security brokers, dealers and flotation." Before, it had said it was in the business of "wholesale-petroleum and petroleum products."
For most of its ascent, Enron reported outstanding profit figures and Wall Street accepted them with pleasure. A year ago, when it disclosed the first transactions with partnerships led by Fastow, the company's former chief financial officer, analysts who asked questions were told that the deals were routine and were being disclosed only because of Fastow's involvement.
Enron does not appear to face an immediate cash crunch. But the bank credit lines that it drew on last week to pay off its short-term debt will have to be renegotiated next spring. The controversial partnerships do not have to pay their debts until the following year - unless Enron loses its investment-grade credit rating before that.
Enron Will also need to maintain its large trading positions, which could suffer if participants in those markets grow more nervous about Enron's credit. When Long-Term Capital was stumbling in 1998, some Wall Street rivals sold the securities they thought Long-Term owned, trying to force Long-Term to sell its positions quickly and at a loss. Something similar in energy markets might be possible. If so, Enron might find, as Long-Term did, that positions that should offset each other do not.
Enron's new chief financial officer may yet persuade investors that in fact the company's profits are real, and that its condition is better than the short-sellers believe. As questions are answered, confidence, and the share price, could rebound.
But for now, investors are skittish, and some competitors are eager to take advantage of Enron's plight.
Copyright (c) 2001 The New York Times Company. All rights reserved. Information may not be stored in electronic format.
Please note: Users must not download the paper in its entirety, they must choose either a topic or keyword. Archiving rights remain unaltered for RBB Search, the NYT is still only available for 24 hours on Search.

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

BUSINESS
Enron taps credit line; stock slides / Company says cash will boost confidence
TOM FOWLER
Staff

10/27/2001
Houston Chronicle
3 STAR
1
(Copyright 2001)

Enron Corp.'s stock price hit its lowest point in more than five years Friday after it tapped into more than $3 billion in revolving credit in an effort to re-assure investors and customers.
Shares fell 95 cents on Friday to $15.40, a level not seen since 1995, as analysts continued to muddle through a complicated series of bookkeeping issues revealed after the company's earnings announcement earlier this month. The stock is down more than 50 percent in two weeks, and the company lost almost $14 billion in market value.
Late this week the company decided to convert $3 billion in revolving credit it has through various banks into cash. The company put about $1.1 billion in the bank in an effort to reassure business partners and investors of its liquidity and is using the $2.2 billion balance to begin an orderly repurchase of a certain kind of short- term corporate IOU known as commercial paper.
"Nothing spells confidence quite like cash, which is what we want investors to understand," said Enron spokesman Mark Palmer of the $1.1 billion banked this week.
Palmer could neither confirm nor deny that the company is negotiating further lines of credit with banks but described such actions as "good management decisions."
Enron's most recent woes began Oct. 16 when its third-quarter earnings release drew renewed attention to an issue investors and analysts had previously been unhappy about: Then-Chief Financial Officer Andrew Fastow, with the Enron board's approval, had formed and run two investment partnerships that could have created a conflict of interest.
The partnerships, LJM Cayman and LJM2 Co-Investment, did complex financing and hedging deals with Enron and were formed originally as a way to offset risks associated with some of the company's newer businesses such as broadband trading.
Fastow had resigned from his roles in the partnerships months ago when Wall Street began to question whether he could watch out for the interests of Enron's shareholders and the investment partnership simultaneously. But last week when the company reported a $35 million loss related to ending its LJM ties as well as a $1.2 billion reduction in shareholder equity, new questions began to arise.
The Securities and Exchange Commission's Division of Enforcement launched an informal inquiry into the partnerships, and earlier this week Fastow was put on a leave of absence.
Now Enron will begin repurchasing its commercial paper. This is a way for companies to raise money over a short period at rates that are usually slightly better than what banks offer, and often with more flexible terms.
"To some extent, redeeming the commercial paper is at the expense of the capital markets, which look at it negatively," said Anatol Feygin, an analyst with J.P. Morgan.
But reducing the company's debt exposure through commercial paper and putting it back into more traditional financial tools, like a revolving line of credit, could give great peace of mind to Enron's investors, he said.
"It helps them shore up their support behind their energy trading business, which is really the core of their operations," Feygin said.
Carol Coale, an analyst with Prudential Securities, still sees the move as somewhat confusing.
"Just last week they were touting their unused lines of credit as a plus, but the fact that they tapped those now sends a strange, mixed message," she said. "Do they need the cash to keep the rating agencies off their back? Is it a gesture for customers? It first struck me as another one of these strangely timed actions on the part of management."
Jeff Dietert, an analyst at Simmons & Co., said Enron management needs to continue to make clear the issues that have investors confused and concerned.
In a worst-case scenario, investor fears could create a vicious cycle that continues to drive the stock down, which would force bond rating agencies to consider downgrades of Enron. That could lead to lower credit ratings, which would force Enron's energy trading partners to limit their exposure to the company and cut back on business with it.
"Thus, we see a big incentive for Enron to clarify the issues," Dietert wrote in a report Friday. "Our gut feel is that Enron can pull it off."
Feygin said he also believes the company will continue to do better in revealing its financial dealings but thinks there may be more surprises in store.
For example, a Wall Street Journal article Friday discussed for the first time another business entity with ties to Enron known as Chewco. It was formed in 1997 with about $400 million in financial backing to buy interests in unnamed Enron assets.
Chewco was run by Michael Kopper, a managing director of Enron's Global Equity Markets Group.

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

Business/Financial Desk; Section C
Enron Taps All Its Credit Lines To Buy Back $3.3 Billion of Debt
By FLOYD NORRIS

10/27/2001
The New York Times
Page 2, Column 5
c. 2001 New York Times Company

The Enron Corporation, trying to reassure investors that it has ample liquidity, began to repurchase all its outstanding commercial paper yesterday, using $3.3 billion it borrowed from banks by depleting its lines of credit.
An Enron spokesman said that when the commercial paper repurchases are completed the company will retain more than $1 billion in cash.
The moves did not appear to reassure investors, as Enron's share price fell to another six-year low. Shares traded as low as $15.04 yesterday, before ending the day at $15.40, down 95 cents.
The move will raise the interest expense for the company, because banks normally charge more than companies have to pay in the commercial paper market, and because its outstanding debt will rise by the additional $1 billion.
Enron's debt is rated investment grade. But its bonds now trade below investment grade levels, although not so low that it appears investors fear an early default. But with the bonds trading so low, it is unlikely Enron will be able to sell more commercial paper.
Enron's stock has been plunging since Oct. 17, shortly after it disclosed that its third-quarter balance sheet, which has yet to be released, will show a $1.2 billion reduction in shareholder equity as a result of complicated transactions involving partnerships formerly controlled by Andrew Fastow, who was the company's chief financial officer until he was replaced on Wednesday.
The stock has lost more than half its value since the earnings announcement, and the company has disclosed that the Securities and Exchange Commission has asked questions about its accounting practices.

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

BUSINESS
Enron says Microsoft breached contract
Staff

10/27/2001
Houston Chronicle
3 STAR
2
(Copyright 2001)

Enron Corp. filed suit against Microsoft Corp. in state district court in Houston this week, claiming the software giant breached a contract over a new high-speed Internet service.
The companies entered into an agreement last June in which Enron would provide Internet bandwidth to Microsoft as it rolled out its MSN Broadband service. Enron's broadband network would link MSN customers in over two dozen states, including Texas.
Qwest Communications is providing the Internet infrastructure in 14 other states for MSN.
On Oct. 23, Microsoft said that Enron would have breached the contract if it didn't provide an operational bandwidth system by Oct. 25, according to Bloomberg News. In the lawsuit, Enron claims Microsoft failed to deliver the ordering and billing system it needed to deliver its end of the project's first phase.
The lawsuit appears to be blocking the launch of the MSN service in all but the 14 states served by Qwest.
Enron officials declined to comment. A Microsoft spokesman said the company had not reviewed the filing but was "confident that we have upheld our agreement with Enron."

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


---------------------- Forwarded by Darron C Giron/HOU/ECT on 02/26/2001
10:19 AM ---------------------------

From:  Veronica Espinoza @ ENRON
               02/26/2001 10:15 AM

To: Larry Joe Hunter/HOU/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Kim S
Theriot/HOU/ECT@ECT, Melinda Whalen/CAL/ECT@ECT, Dianne Seib/CAL/ECT@ECT,
Janie Aguayo/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@ENRON, Ellen
Wallumrod/NA/Enron@ENRON, Celeste Cisneros/NA/Enron@Enron, Diane
Anderson/NA/Enron@Enron, Tiffany Williams/NA/Enron@Enron, Cindy
Feldman/CAL/ECT@ECT, Patricia Boulanger/CAL/ECT@ECT, Linda
Sietzema/CAL/ECT@ECT, Sharon Crawford/CAL/ECT@ECT, Debbie R
Brackett/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT,
William S Bradford/HOU/ECT@ECT, Russell Diamond/HOU/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Nidia Mendoza/HOU/ECT@ECT, Jeffrey C
Gossett/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT,
Errol McLaughlin/Corp/Enron@ENRON, Darron C Giron/HOU/ECT@ECT, Walter
Guidroz/NA/Enron@Enron, Leslie Reeves/HOU/ECT@ECT, Veronica
Gonzalez/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT,
Richard Deming/NA/Enron@Enron
cc:
Subject: Credit Report--2/26/01


This in an automated e-mail sent out from the Commissioner.COM
web site.  Do not reply to this e-mail, but instead please visit
your league's site at http://football.commissioner.com/kourn

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

Jason Bass requests the following transaction:.

  Drop Casey Crawford.
  Add Drew Bledsoe.

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

To approve this transaction, please go to your web site and
select Transactions, Requests in the Front Office.


Critical Migration Information:

1. Your scheduled Outlook Migration Date is THE EVENING OF : TUESDAY, JUNE
12th
2. You need to press the "Save My Data" button (only once) to send us your
pre-migration information.
3. You must be connected to the network before you press the button.
4. If a POP-UP BOX appears, prompting you to "ABORT, CANCEL OR TRUST SIGNER"
please  select TRUST SIGNER.
5. Any information you Add to your Personal Address Book, Journal or calendar
after you click on the button will need to be manually re-added into Outlook
after you have been migrated.
6. Clicking this button does not complete your migration to Outlook. Your
migration will be completed  the evening of your migration date.

    Failure to click on the button means you WILL NOT get your Calendar,
Contacts, Journal and ToDo information imported into Outlook the day of your
migration and could result in up to a 2 week delay to restore this
information.

If you encounter any errors please contact the resolution center @
713-853-1411


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/12/2000
08:08 AM ---------------------------

Shirley Crenshaw
12/12/2000 07:56 AM
To: bobb.supertravel@wspan.com, audrau@yahoo.com, Memaw1995@aol.com,
Kathy.Crenshaw@inteq.com @ Enron, Kayla Crenshaw/Enron Communications@Enron
Communications, Carol_Fuentes@EOTT.com, Vince J Kaminski/HOU/ECT@ECT,
emlea@usa.net, Kelly Summers/HOU/ECT@ECT, hmel5345@aol.com
cc:
Subject: Interesting Statistics

This is very interesting!

States won by Gore: 19
States won by Bush: 29

Counties won by Gore: 677
Counties won by Bush: 2,434

Pop. of counties won by Gore: 127 million
Pop. of counties won by Bush: 143 million

Sq miles of country won by Gore: 580,000
Sq miles of country won by Bush: 2,427,000

Now Professor Joseph Olson of the Hamline University School of Law in St.
Paul Minnesota has produced another interesting new statistic. ?Professor
Olson looked up the crime statistics for all of these counties and came up
with this:

Avg Murder per 100,000 residents in counties won by Gore: 13.2
Avg Murder per 100,000 residents in counties won by Bush: 2.1

Now, what area of this country do you want electing the President of the
United States, Gore's or Bush's


I have to go to my mom's tonight.  I thought you wanted to go out tomorrow.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, October 25, 2001 11:47 AM
To:	Rybarski, Amanda
Subject:	RE:

I am trying to get a babysitter tinight what are you doing

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, October 25, 2001 11:40 AM
To:	Maggi, Mike
Subject:

How are you doing today?


John,

Do you have any comments on this letter?  Rick and I would like to send it
out soon.

Thanks.

Michelle

---------------------- Forwarded by Michelle Cash/HOU/ECT on 04/03/2000 07:31
PM ---------------------------

Michelle Cash
02/09/2000 10:41 AM
Sent by: Twanda Sweet
To: John Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:
Subject: Employee Labor Relations Memo

Attached is a memo that I am currently working on with Rick Johnson.  Please
review and provide me with any comments.
Rick will be in the Houston office for the next two days.

Thanks


Carol & Sara-
The original Bank of America letter of credit number 3024519 should be returned to:
                          Fortis Capital Corp.
                          ATTN: Jonathan Fronda
                          Three Stamford Plaza
                          301 Tresser Blvd.
                          Stamford, CT  06901-3239
I am informed that a letter of cancellation signed by an authorized representative of Enron North America Corp. should also accompany the original letter of credit and all amendments.  A facsimile of this cancellation letter is acceptable if transmitted to 203-705-5898 (ATTN: Jonathan Fronda).  A copy of the overnight courier air waybill should be attached to the facsimile.
I understand that Don Perkins has also started the process to confirm Fortis Capital Corp. letter of credit number 011290 through the parent company, Fortis Bank, as well as making the correction we discussed earlier (delivery of gas).
Please call me if you have any questions.
Thank you for your assistance in this matter.
Linn Evans
Black Hills Corp.
P.O. Box 1400
625 Ninth St. - 3rd Fl.
Rapid City, South Dakota  57709
T: 605.721.2305
F: 605.721.2550
C: 605.390.6003


Hi Greg --

 The auction will take place tomorrow using WRH's OpenBook system.
This is a significant
 milestone for WR Hambrecht. We will be working with Goldman Sachs
going forward, and I thought
 it would be great if we could set up a meeting with Andrew Fastow
and Ben Glisan in the near future
 to tell the OpenBook story. Please let me know if you would be the
person to make the request
 on our behalf or if it is appropriate for me to call them directly.

 Hope things are great with you.

      Leslie Mueller
      Head, Marketing
      (415) 551-8615
      lmueller@wrhambrecht.com

 p.s. If you or Liz could be in touch re setting up a meeting, I'd
really appreciate it. We have plans
     to be in Texas a couple of times in June and we would like to
try to add Enron to the top of the list.

****************************************************************************
IMPORTANT NOTICES:
****************************************************************************
This message is intended only for the addressee. Please notify the sender
by e-mail if you are not the intended recipient. If you are not the
intended recipient, you may not copy, disclose, or distribute this
message or its content to any other person and any such actions may be
unlawful.  Electronic mail sent through the Internet is not secure.
WR Hambrecht + Co (WRH) does not accept time sensitive, action-oriented
messages or transaction orders, including orders to purchase or sell
securities, via e-mail.

WRH reserves the right to monitor and review the content of all messages
sent to or from this e-mail address. Messages sent to or from this e-mail
address may be stored on the WRH e-mail system.
****************************************************************************


---------------------- Forwarded by Steven J Kean/NA/Enron on 04/20/2001
02:39 PM ---------------------------

eserver@enron.com on 04/20/2001 11:49:50 AM
To: "Steven.J.Kean@enron.com" <Steven.J.Kean@enron.com>
cc:

Subject: <<Concur Expense Document>> - JB  002

The following expense report is ready for approval:

Employee Name: John Brindle
Status last changed by:  Automated Administrator
Expense Report Name: JB  002
Report Total: $2,105.05
Amount Due Employee: $2,105.05

To approve this expense report, click on the following link for Concur
Expense.
http://xms.enron.com


The Payment status has changed on the following report:

Status last changed by: Kimberly S. Watson
Expense Report Name: Expenses 02/27/02
Report Total: $767.89
Amount Due Employee: $767.89
Amount Approved: $767.89
Amount Paid: $0.00
Approval Status: Approved
Payment Status: In Progress

To review this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


FYI

---------------------- Forwarded by Stinson Gibner/HOU/ECT on 08/17/2000
11:25 AM ---------------------------
From: Samer Takriti@ENRON COMMUNICATIONS on 08/17/2000 10:57 AM
To: Stinson Gibner/HOU/ECT@ECT
cc:
Subject: Colorado

Stinson,
I prefer to skip the trip. As I said, it would feel a little uncomofortable
and strange. Thanks though.
-Samer


The attached five-page document from Margaret Carson
summarizes 20 papers from subject conference.