Stocks Close Higher As Investors Cheer Earnings News
Dow Jones Business News- 10/22/01
Enron Faces Holder Suit From Fincl Chief Pacts
Dow Jones News Service- 10/22/01
Shapiro Haber & Urmy Files Class Action on Behalf of Purchasers of Enron Corporation Stock (NYSE: ENE) in The Period From July 13, 2001 Through October 16, 2001
PR Newswire- 10/22/01
Enron Board Approved Partnerships Run by Chief Financial Officer
PR Newswire- 10/22/01
USA: UPDATE 3-SEC looks into Enron deals, stock slides 20 pct.
Reuters English News Service- 10/22/01
Enron shares plunge 20 percent after acknowledging SEC inquiry
Associated Press Newswires- 10/22/01
STOCKWATCH Enron lower after SEC questions transactions; AG Edwards downgrades
AFX News- 10/22/01
Enron Corp. Information requested by SEC.
Regulatory News Service- 10/22/01
Enron Shares Slide as SEC Seeks Information on Deals With CFO's Partnership
Dow Jones Business News- 10/22/01
Enron Says SEC Asks About Related-Party Transactions (Update8)
Bloomberg- 10/22/01
UniPrime Signs Letter of Intent for Wind Energy Park Project
Business Wire- 10/22/01

Stocks Close Higher As Investors Cheer Earnings News
By Peter Edmonston

10/22/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
The Wall Street Journal Online
Stocks rallied sharply Monday despite the widening anthrax scare, as a batch of better-than-expected quarterly earnings reports cheered investors.
The Dow Jones Industrial Average gained 172.92, or 1.9%, to close at 9377.03 after gaining 40.89 points Friday. The Nasdaq Composite Index rose 36.75, or 2.2%, to 1708.06 after climbing 18.59 points in the previous session.
Other major stock indexes gained ground Monday. The Standard & Poor's 500-stock index added 16.42 to 1089.90, the New York Stock Exchange Composite Index rose 7.13 to 561.45, and the Russell 2000 Index gained 4.80 to 430.50.
Bonds were mixed and the dollar strengthened.
The stock market's gains were tempered briefly by news that a postal worker in Washington, D.C., was diagnosed with anthrax contracted by inhalation. Additionally, two other postal workers in Washington have died and their deaths are being investigated to determine if they died of that same ailment.
But stocks took the anthrax reports in stride, suggesting a new and surprising level of confidence among market participants, some analysts said Monday. "The market is really shrugging off this news," said Mark Donahoe, a managing director at U.S. Bancorp Piper Jaffray.
Upbeat earnings news from American Express, released Monday afternoon, seemed to give stocks an additional lift.
Investors may be shifting their focus away from concerns about anthrax exposure and U.S. military maneuvers in Afghanistan to take a closer look at quarterly earnings results, said Steven Kroll Sr., managing director at Monness, Crepsi & Hardt.
The uncertainty on the global front "looks like it is going to be a long, drawn-out affair," Mr. Kroll said. "I think stocks will revert back to being earnings-driven."
Although dismal by ordinary standards, last week's flood of quarterly earnings reports got a reasonably upbeat reception from investors, who seem to have approached them with extremely low expectations. "The markets acted pretty well last week in light of some very ugly earnings," said Mr. Donahoe of U.S. Bancorp. That resilience might be giving hope to investors this week, he added.
Still, investors will be carefully sifting through quarterly results in the coming week to get a fix on how the fourth quarter is shaping up, Mr. Kroll argued.
Third-quarter earnings showed several pockets of strength on Monday, with big companies such as Minnesota Mining and Manufacturing and U.S. Steel posting results that met or topped analysts' estimates.
The Dow industrials got an additional boost shortly after 2 p.m. EDT when index component American Express reported earnings that, excluding certain items, beat Wall Street previously lowered estimates.
The financial-services concern posted net income of $298 million, or 22 cents a share, down 60% from $737 million, or 54 cents a share, a year earlier. Excluding charges related to a corporate restructuring and the September 11 attacks, American Express said it would have earned $595 million, or 45 cents a share, for the latest quarter. Analysts had been expecting earnings of 30 cents a share, according to Thomson Financial/First Call.
Shares of American Express surged after the quarterly earnings release, closing up 3.4% at $30.32.
Chip stocks helped lead the Nasdaq composite higher, with the Philadelphia semiconductor index gaining 5.4%. The rally seemed to be a continuation of Friday's gains in the sector, sparked by positive earnings news from KLA-Tencor.
U.S. Steel, the nation's No. 1 steelmaker, said it swung to a third-quarter loss from a profit a year earlier, hurt by oversupply and a weak economy. But excluding charges related to the closure of one mill and damage at another, U.S. Steel said its loss was much narrower than what was forecast by analysts surveyed by Thomson Financial/First Call. Shares of U.S. Steel rose 9.7% to $14.74.
Investors also sent 3M shares nearly 5% higher after the maker of chemical and adhesive products squeaked by Wall Street estimates, despite a 21% decline in net income. And oil producers Conoco and USX-Marathon Group handily beat analysts' forecasts.
But not all the earnings news was cheery. Local phone company SBC Communications recorded net income that was slightly below estimates. Shares of SBC, a component of the Dow industrials, fell 5.1% to $41.40.
Meanwhile, the outlook for corporate profits in the fourth quarter seems discouraging, some analysts noted. On Monday, 3M guided Wall Stret's earnings expectations lower for the upcoming quarter, and a top executive at U.S. Steel told analysts that the company's fourth quarter would be "difficult."
Companies "are meeting third quarter expectations, but they are talking down the fourth quarter," said Mr. Kroll of Monness Crespi & Hardt. He said that some of the rise in Monday's markets might be a carryover from Friday's buying activity related to the expiration of U.S. stock option and index option contracts, an event known as "double witching."
One of the hardest-hit stocks on Monday was Enron, an energy concern that said that the Securities and Exchange Commission was seeking information about certain complex transactions it undertook with a limited partnership organized by its chief financial officer. Shares of Enron plunged 21% to $20.65.
Overseas, stocks closed higher. London's Financial Times-Stock Exchange 100-Share Index gained 1.1%, while Frankfurt's Xetra DAX index rose 2%. Earlier in the day, Japan's Nikkei 225 average closed with a gain of 0.3%, but Hong Kong's Hang Seng Index ended 0.3% lower.
In economic news, the Conference Board reported that its index of leading indicators for the month fell 0.5% in September, matching the estimates of economists surveyed by Thomson Global Markets. The index -- a composite of measurements aimed at forecasting likely changes in the economy -- included some data gathered after the Sept. 11 attacks.
The decline, which was the index's largest one-month drop since January 1996, confirmed that the widespread weakness in the U.S. economy is deepening, the Conference Board said. Falling stock prices and rising initial unemployment claims were two of the index components that contributed most negatively to the September reading.
In August, the leading-indicators index slipped 0.1%, less than the previous estimate of a 0.3% decline. Even so, the back-to-back declines paint a bleak economic picture, said Conference Board economist Ken Goldstein.
The two-month decline in the index suggests that the already-weak economy is likely to remain weak into next year, Mr. Goldstein said. The overall reading from these numbers indicates that manufacturing and services are experiencing a significant slowdown.
In major U.S. market action:
Stocks rose. On the Big Board, where 1.09 billion shares were traded, 1,813 stocks rose and 1,291 fell. On the Nasdaq, 1.49 billion shares changed hands.
Bonds were mixed. The 10-year Treasury note rose less than 1/16 point Monday, or 62.5 cents for each $1,000 invested. The yield, which moves inversely to its price, fell to 4.618%. The 30-year bond fell 1/16 point to yield 5.364%.
The dollar rose. The dollar bought 122.56 yen, compared with 121.20 yen late Friday. The euro traded at 89.18 U.S. cents, down from 89.84 cents late Friday.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Faces Holder Suit From Fincl Chief Pacts

10/22/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- A shareholder of Enron Corp. (ENE) filed a derivative suit in Texas court alleging that Enron's board breached their fiduciary duties to the company by allowing Chief Financial Officer Andrew Fastow to create and run certain limited partnerships.
In a press release Monday, a law firm representing the unnamed shareholder said that Enron's board lost over $35 million by allowing Fastow to run these partnerships, which engaged in transactions with Enron and presented a conflict of interest.
The suit alleges that the limited partnerships bought Enron assets, permitting Fastow to use his inside knowledge of the company's financial condition to earn millions of dollars.
On Oct. 16, Enron announced that it will take a $35 million charge relating to the limited partnerships and revealed that the company had to repurchase 55 million of its shares in order to unwind its involvement in the partnerships, thereby reducing the company's shareholder equity by $1.2 billion.
On Monday, Enron said the Securities and Exchange Commission recently requested additional information regarding the limited partnerships.
On Oct. 19, The Wall Street Journal reported that Fastow, and possibly a handful of partnership associates, realized more than $7 million last year in management fees and about $4 million in capital increases on an investment of nearly $3 million in the partnership, which was set up in Dec. 1999 principally to do business with Enron.
Fastow has been finance chief of Enron since 1997 and has been with the firm 11 years, which included extensive work setting up and managing company investments.
Enron's New York Stock Exchange listed shares fell to a 52-week low on Monday following news that the SEC requested additional information.
A spokeswoman from Enron said the company has not seen the lawsuit and it does not comment on pending litigation.
-Thomas Gryta; Dow Jones Newswires; 201-938-5400

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Shapiro Haber & Urmy Files Class Action on Behalf of Purchasers of Enron Corporation Stock (NYSE: ENE) in The Period From July 13, 2001 Through October 16, 2001

10/22/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
BOSTON, Oct. 22 /PRNewswire/ -- The law firm of Shapiro Haber & Urmy LLP has filed a class action suit alleging securities fraud in the United States District Court for the Southern District of Texas (Houston Division), 515 Rusk Ave., Houston, Texas 77002, against Enron Corporation ("Enron") (NYSE: ENE) and certain of its officers and directors.
The case was filed on behalf of all purchasers of the common stock of Enron during the period from July 13, 2001 through October 16, 2001, inclusive (the "Class Period").
The complaint alleges that the defendants violated section 10(b) of the Securities Exchange Act of 1934 ("the Exchange Act"), and Rule 10b-5 promulgated thereunder, and that defendants' wrongful conduct artificially inflated the price of Enron common stock during the Class Period. The complaint charges that the defendants misrepresented and concealed material facts concerning the Company's financial transactions with two partnerships established by Enron's Chief Financial Officer, which resulted in substantial losses to Enron and a reduction in shareholders' equity of over $1 billion. The price of Enron's common stock plummeted over 20% in just three trading days following disclosure of the financial losses resulting from Enron's dealings with these partnerships.
Plaintiff seeks to recover damages suffered by class members and is represented by the law firm of Shapiro Haber & Urmy LLP, which has successfully prosecuted numerous securities class actions on behalf of defrauded investors. More information about the firm and its qualifications is available on the firm's website at www.shulaw.com.
If you are a member of the class described above, you may wish to join the action. You may move the court to serve as a lead plaintiff no later than December 21, 2001.
If you would like a copy of the complaint, would like to discuss joining this action as a lead plaintiff, or would like to inform us that you are a member of the proposed class, please contact Thomas G. Shapiro, Esq. or Liz Hutton, paralegal, Shapiro Haber & Urmy LLP, 75 State Street, Boston, MA 02109, (800) 287-8119, fax at (617) 439-0134, or e-mail at cases@shulaw.com.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X66791593

/CONTACT: Thomas G. Shapiro, Esq. or Liz Hutton, paralegal, Shapiro Haber & Urmy LLP, +1-800-287-8119, cases@shulaw.com/ 16:54 EDT

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Board Approved Partnerships Run by Chief Financial Officer

10/22/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)
NEW YORK, Oct. 22 /PRNewswire/ -- An Enron (NYSE: ENE) shareholder has filed a derivative suit in Texas state court which charges that Enron's board of directors breached their fiduciary duties to the Company by allowing its CFO, Andrew Fastow to create and run certain limited partnerships. The Enron board lost the Company over $35 million by allowing Fastow to run these partnerships, which engaged in transactions with Enron and presented a clear conflict of interest for the Enron CFO.
In addition to other transactions, the limited partnerships bought Enron assets, permitting Fastow to use his inside knowledge of the Company's financial condition to earn millions of dollars for himself and the limited partnerships. On October 16, 2001 the Company announced that it would take a $35 million charge relating to the limited partnerships. It was also revealed that the Company had to repurchase 55 million of its shares in order to unwind its involvement in the partnerships, thereby reducing the Company's shareholder equity by $1.2 billion.
On October 22, 2001, the Company announced that the SEC recently requested additional information regarding these limited partnerships.
If you would like additional information regarding this lawsuit, you may contact Murielle Steven Walsh at Pomerantz Haudek Block Grossman & Gross LLP, New York, New York, 888-476-6529 ((888) 4-POMLAW) or mjsteven@pomlaw.com.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X60348122

/CONTACT: Murielle Steven Walsh, Esq. of Pomerantz Haudek Block Grossman & Gross LLP, +1-888-476-6529 (+1-888-4-POMLAW), mjsteven@pomlaw.com/ 15:41 EDT

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 3-SEC looks into Enron deals, stock slides 20 pct.
By David Howard Sinkman

10/22/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Oct 22 (Reuters) - Shares of Enron Corp. slumped more than 20 percent on Monday after it said U.S. regulators are looking into company transactions, another blow to a company whose chief executive resigned in August.
A spokesman for North America's biggest buyer and seller of natural gas and electricity declined to discuss an inquiry by the U.S. Securities Exchange Commission, but said it was cooperating. The SEC also declined to outline details of its inquiry.
Investor confidence in the company has been rocked by reports from The Wall Street Journal about its relationship with two limited partnerships that were run until recently by Enron's chief financial officer, Andrew Fastow. The company also reported last week its first quarterly loss in more than four years, and took $1.01 billion in charges and writedowns on ill-fated investments.
Problems at Enron surfaced two months ago when CEO Jeff Skilling resigned after only six months at the helm.
Enron shares declined $5.49, or 21 percent, to $20.56 in Monday afternoon trade on the New York Stock Exchange, shaving off almost $4.2 billion of its market capitalization. The stock, the biggest decliner by percentage loss on the NYSE, fell as much as 22.8 percent on Monday, when it opened at its lowest level since September 1998.
Shares declined 23 percent last week after the Journal ran its first story about the limited partnerships on Wednesday.
Enron declined to comment on whether the SEC's inquiry into "certain related party transactions" involved the partnerships.
"Related party transactions" is the heading used by Enron in its 1999 and 2000 annual reports to discuss dealings with its limited partnerships, LJM Cayman LP and the larger LJM2 Co-Investment LP, which engaged in complex hedging transactions involving company assets worth hundreds of millions of dollars.
Fastow severed his ties to the partnerships in June. LJM was set up in June 1999 for energy-related investments, and LJM2 in December 1999 for energy-and communication-related investments.
The Journal reported $35 million of its third-quarter loss of $638 million were connected with the limited partnerships
Curt Launer, an analyst at Credit Suisse First Boston, said investors should question Enron's use of real value accounting when the value of certain assets, "most notably in telecommunications," have declined precipitously.
"Investors have had several opportunities to question Enron's credibility and at each of those turns the share price has declined," Launer said.
Some analysts, though, cautioned against assuming fire when there might only be smoke.
"This is an inquiry, not an investigation, and I cannot imagine Enron's attorneys or accountants would allow it do to something illegal," said Merrill Lynch analyst Donato Eassey.
"It's easy for the market to kick a company when its down, but these challenges do not last for a solid company, and we think Enron is one."
Shares in the company are down 75 percent this year.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron shares plunge 20 percent after acknowledging SEC inquiry

10/22/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Shares of Enron Corp. plunged more than 20 percent Monday after the energy trading giant said the Securities and Exchange Commission had sought information company's transactions with limited partnerships, which were managed by an Enron senior officer.
In a statement, Enron said it had provided the regulatory agency with information in response to an inquiry last week.
"We welcome this request," Enron chairman and chief executive officer Kenneth L. Lay said in a statement Monday. "We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest."
Investors were upset by the news, however, sending shares of Enron down dlrs 5.30 to dlrs 20.75 in heavy trading on the New York Stock Exchange.
The transactions took place in 1999 and 2000, according to Houston-based Enron's 2000 annual report. They resulted in a dlrs 16 million pre-tax gain to Enron in 1999 and a dlrs 36 million loss in 2000.
Enron officials declined to provide details about the transactions or name the limited partnerships, instead referring questions to a section of the annual report on related party transactions.
"Enron entered into transactions with (limited partnerships) to hedge certain merchant investments and other assets," according to the section in the annual report.
Enron spokesman Mark Palmer said the SEC first contacted Enron last week and described the request is an "informal inquiry."
"This is not an investigation," he said. "We see the request as an opportunity to put this issue behind us."
SEC spokesman John Heine said he could not comment on the filings. "We can't confirm or deny that type of activity," Heine said.
The electricity marketer and natural gas provider says both internal and external auditors and attorneys reviewed the related party arrangements, the company's board was fully informed of and approved the arrangements, and they were disclosed in the company's SEC filings.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron lower after SEC questions transactions; AG Edwards downgrades

10/22/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were down sharply in late morning trade, after the Securities and Exchange Commission requested the company to provide information on certain related-party transactions, prompting AG Edwards to downgrade the stock to 'hold' from 'buy', dealers said.
At 11.10 am, Enron was down 4.29 usd, or 16.47 pct, at 21.76. The DJIA was up 57.57 points at 9,261.68, and the S&P 500 composite index was up 5.57 points at 1,079.05.
In a statement this morning, Enron confirmed that the SEC had requested documents, and said it would "cooperate fully" with the commission.
However, the company did not give any details of the transactions concerned or of the reasons behind the SEC's request.
According to AG Edwards analyst Mike Heim, Enron "significantly reduced" its equity to unroll a partnership arrangement with a partially-owned subsidiary formerly run by Enron's chief financial officer.
"This arrangement, which was not discussed in past SEC filings, has led to a growing distrust of the company by the financial community.
"In our opinion, the market is most likely overreacting to the news being disseminated over the last few days.
"However, we can give no assurances that all the problems at Enron have been fully disclosed," Heim said.
In its statement this morning, Enron said although its internal and external auditors and attorneys have reviewed the related-party arrangements, adding that the Board was "fully informed of and approved these arrangements", which were disclosed in the company's SEC filings.
"We believe everything that needed to be considered and done in connection with these transactions was considered and done," said chief executive Kenneth Lay.
ng/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Corp. Information requested by SEC.

10/22/2001
Regulatory News Service
(C) 2001
INTNTH 22 October 2001
ENRON ANNOUNCES SEC REQUEST, PLEDGES COOPERATION
HOUSTON - Enron Corp. (NYSE: ENE) announced today that the Securities and Exchange Commission has requested that Enron voluntarily provide information regarding certain related party transactions.
"We welcome this request," said Kenneth L. Lay, Enron chairman and CEO. "We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest. In the meantime, we will continue to focus on our core businesses and on serving our customers around the world."
Enron noted that its internal and external auditors and attorneys reviewed the related party arrangements, the Board was fully informed of and approved these arrangements, and they were disclosed in the company's SEC filings. "We believe everything that needed to be considered and done in connection with these transactions was considered and done," Lay said.
Enron is one of the world's leading energy, commodities and services companies. The company markets electricity and natural gas, delivers energy and other physical commodities, and provides financial and risk management services to customers around the world. Enron's Internet address is www.enron.com. The stock is traded under the ticker symbol "ENE."
END
'MSCEAFEAALXFFFE.

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

Enron Shares Slide as SEC Seeks Information on Deals With CFO's Partnership

10/22/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -- Shares of Enron Corp. slumped Monday after the energy-trading concern said the Securities and Exchange Commission has asked for information about "certain related party transactions," including those between Enron and a limited partnership organized by its chief financial officer.
Enron promised to cooperate fully with the SEC request and said in a prepared statement that it "welcomes" the request and looks forward to put "any concern about these transactions to rest."
In 4 p.m. EDT trading on the New York Stock Exchange, Enron (ENE) shares fell $5.40, or 21%, to $20.65.
Last week The Wall Street Journal reported that a limited partnership organized by Andrew Fastow, Enron's chief financial officer, made millions in profits in transactions with the firm. The story cited information reported in an internal partnership document.
Enron also said last week it will repurchase up to 55 million shares that it had issued as part of transactions with LJM2 CO-Investment LP, the limited partnership created by Mr. Fastow.
In addition, Enron took a $1.01 billion charge in the third quarter, mostly connected with write-downs of bad investments, producing a loss of $618 million, or 84 cents a share. Excluding charges, income was $393 million, or 43 cents a share, in the quarter.
The charge covers a wide range of items including costs related to the limited partnerships that were, until recently, by Mr. Fastow.
The company said the costs connected with the partnerships total $35 million and involve the early termination of "certain structured finance arrangements."
The partnerships were set up two years ago, and while the company maintains that they are perfectly proper, some have suggested that it is a conflict of interest for Enron's chief financial officer to be involved in a partnership that was looking to purchase Enron assets, the Journal reported.
The energy company said its auditors reviewed the arrangements and its board was fully informed and approved the deals, which were disclosed in SEC filings.
"We believe everything that needed to be considered and done in connection with these transactions was considered and done," Enron Chairman and Chief Executive Kenneth Lay said on Monday.
Separately, an Enron shareholder filed a derivative lawsuit in Texas court alleging Enron's board breached its fiduciary duties to the company by allowing Mr. Fastow to create and run certain limited partnerships.
A law firm representing the unnamed shareholder said in a prepared statement that Enron's board lost over $35 million by allowing Mr. Fastow to run these partnerships, which engaged in transactions with Enron and presented a conflict of interest.
The suit alleges that the limited partnerships bought Enron assets, permitting Mr. Fastow to use his inside knowledge of the company's financial condition to earn millions of dollars.
-- Bill Platt of Dow Jones Newswires contributed to this report.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Enron Says SEC Asks About Related-Party Transactions (Update8)
2001-10-22 17:10 (New York)

Enron Says SEC Asks About Related-Party Transactions (Update8)

     (Adds in sixth paragraph that analyst estimates dissolving
affiliated companies would cost $3 billion.)

     Houston, Oct. 22 (Bloomberg) -- Enron Corp.'s shares fell 21
percent after the Houston-based company said the Securities and
Exchange Commission requested information on partnerships run by
Chief Financial Officer Andrew Fastow and other executives.

     Enron, the largest energy trader, created partnerships and
other affiliated companies to buy and sell assets such as power
plants to lower the debt on its books. An investor sued Enron's
board Wednesday, saying two partnerships cost the company $35
million and Fastow's leadership of them was a conflict of
interest.

     Investors today said they were concerned that Enron may be
forced to dismantle the affiliated companies by paying off the
owners in cash or stock. Chief Executive Ken Lay said last week he
may be have to ``unravel'' agreements that created the companies
if Enron's debt ratings fall too far.

     ``We need confidence their long-term credit rating won't go
below investment grade,'' said Roger Hamilton, an analyst at John
Hancock's value funds, which own 600,000 Enron shares.

      Enron reduced shareholders' equity by $1.2 billion when it
repurchased 55 million shares of two such partnerships controlled
by Fastow, LJM Cayman and LMJ2 Co-Investment, the Wall Journal
reported last week.

     Dismantling more of the affiliated companies and partnerships
would cost Enron or its shareholders as much as $3 billion, Ray
Niles, a Salomon Smith Barney analyst, wrote in a report to
investors today.

     Enron shares fell $5.40 to $20.65. They touched $19.67 during
the day's trading, the lowest level since Jan. 15, 1998.

                           Shares Plunge

     The stock has fallen 75 percent this year amid concerns about
failed investments in trading of space on fiber-optic
communications networks and a water company, and the resignation
of Jeff Skilling as CEO in August after seven months on the job.

     While Skilling said he resigned for personal reasons,
investors say his departure led them to question whether the
company was concealing problems, including possible liabilities
from affiliated companies.

     On Tuesday, Enron surprised many investors when it reported a
$618 million third-quarter loss, the result of writing off $1.01
billion in failed investments.

      Moody's Investors Service placed the company's debt on watch
for possible downgrade. The company's debt is rated at investment
grade by Fitch, Standard & Poor's and Moody's.

     The company received a faxed request for information from the
SEC on Wednesday asking for information, spokesman Mark Palmer
said, and will respond ``as soon as possible.''

     ``We will cooperate fully with the SEC and look forward to
the opportunity to put any concern about these transactions to
rest,'' Lay, who is also Enron's chairman, said in a statement.

                          Dilution Fears

     Enron has formed at least 18 companies to serve as financing
vehicles for its projects, based on filings with the Texas
secretary of state. Fastow and other Enron executives are named as
the controlling partners or the board members in the companies.

     Some have bought Enron assets such as power plants, removing
the debt for those projects from Enron's books. That allows Enron
to keep cash earned from the main trading business from supporting
what it views as secondary businesses, Standard & Poor's debt
analyst Todd Shipman said.

      Enron brokers trades of electricity, natural gas and other
commodities as well as owns power plants and natural-gas
pipelines.

     Dismantling the affiliates would be costly. Whitewing
Management, an affiliated company that has bought 14 Enron power
plants and lists Fastow as managing director, holds 250,000
preferred shares of Enron.

     Enron may have to convert the preferred shares to common
stock if share prices fall below a certain level and the credit
rating drops below investment grade, according to company filings.
That would dilute the value of common shareholders' investment.

     ``The concern is how many of these dilutive structures are
out there?'' Shipman said. ``Investors are worried they might have
to share their Enron earnings with a lot more people than they
originally thought.''

                        Worrisome Financing

     Enron's auditors and attorneys reviewed the company's
``related party arrangements,'' the board approved them, and they
were disclosed in SEC filings, Enron said in its statement.

     That hasn't eased concerns. The reduction of shareholder
equity by $1.2 billion from the LJM partnerships is reason to
worry about Enron's other financing vehicles, wrote Niles, the
Salomon analyst. Enron also may take another $2.4 billion in
losses from investments in the Dabhol power plant in India and
projects in South America, he wrote.

     Enron's 8 percent coupon bonds due in 2005 fell $34 per
$1,000 face value to be offered at $1,022 today from $1,056 on
Friday, traders said. Yield on the debt rose to 7.33 percent from
6.33 percent.

     Based on Bloomberg composite ratings, most of Enron's long-
term debt is rated at BBB2 and BBB1, two or three levels above
investment grade.

     Fastow continues to work, and Enron hasn't punished him,
Palmer said. Fastow declined to be interviewed, spokeswoman Karen
Denne said. SEC spokesman John Heine declined to comment on the
agency's request to Enron.

     ``We believe everything that needed to be considered and done
in connection with these transactions was considered and done,''
Lay said in the statement.

UniPrime Signs Letter of Intent for Wind Energy Park Project

10/22/2001
Business Wire
(Copyright (c) 2001, Business Wire)
APACHE JUNCTION, Ariz.--(BUSINESS WIRE)--Oct. 22, 2001--UniPrime Capital Corporation Inc. (NQB:UPRC) announced today that it has signed a Letter of Intent (LOI) with Jessel Enterprises Inc. of Los Angeles for a partial interest in a wind park ground lease.
This ground lease, owned by Enron Wind Development Corp., a subsidiary of Enron Corp. (NYSE:ENE), represents in excess of 3,000 acres of prime natural land in the Tehachapi Valley, possessing an extremely high-quality wind source. The output at this particular location is rated at approximately 64 megawatts, and can service roughly 40,000 residential customers. Revenue generation from the Jessel Enterprises wind park is estimated to be $96 million per year.
UniPrime Capital Corporation president and CEO Randy Russo stated, "We are very pleased to have this opportunity to assist in providing a clean, environmentally favored alternative power supply to California consumers, especially in view of the recent crisis condition that many west coast markets have been experiencing."
Additional information about this particular wind park project, and the industry in general, can be found at the American Wind Energy Association's website at http://www.awea.org. UniPrime Capital Corporation is a publicly traded investment holding company trading under the symbol UPRC.

Statements contained in this document that are not historical in nature are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause future results to differ materially from those set forth in such forward-looking statements. UniPrime Capital Corporation undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof. Such risks and uncertainties with respect to UniPrime Capital Corporation include, but are not limited to, its ability to successfully implement internal performance goals, performance issues with suppliers, regulatory issues, competition, the effect of weather, exposure to environmental issues and liabilities, variations in material costs and general and specific economic conditions.


Cool, I want to go too....... waaaaaaaa!

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Tuesday, November 27, 2001 5:17 PM
To:	'Terri.Hamby@ElPaso.com'; Cowan, Beth; Vann, Suzanne; Ward, Kim S (Houston); Nemec, Gerald; Gerard, Camille; Cross, Edith; Black, Troy; Smith, Mark; McCaffrey, Deirdre; Slone, Jeanie; Arnold, John; Arnold, Matthew; Olinger, Kimberly S.; Capestany, Mari; Wheeler, Rob; French, Joe; Herron, Chris; Brewer, Stacey J.; Melissa Reese (E-mail); 'mkammer@tradespark.com'; Susie LeJune (E-mail); Sally McElroy (E-mail); Brad Fagan (E-mail); Elizabeth Jordan (E-mail); John Schilke (E-mail); Fuller, Dave
Subject:	FOOTBALL

 << File: VS.doc >>

Suzanne,

can you forward to Lori and Joe Gordon.

Terri,

Can you forward to Pierce, Stacy, and Donna?


---------------------- Forwarded by Randall L Gay/HOU/ECT on 04/17/2000 05:00
PM ---------------------------

"JERUSSALMY, ALEXANDRE" <AJERUSSALMY@bkb.com> on 04/17/2000 11:35:02 AM
To: undisclosed-recipients:;
cc:
Subject: Brazil Trends - April 2000

Please find attached the latest version of BankBoston's Brazil Trends (in
English and in Portuguese).

Our best regards.

>  <<cleani.doc>>  <<cleanp.doc>>
>  English  Portuguese

 - cleani.doc
 - cleanp.doc


Ken:

Mark H. asked me to forward to you this initial draft term sheet.  We would
like to talk to you, and presumably one of your colleagues, tomorrow
regarding the possible antitrust implications of the proposed structure.
Please give me a call and we can schedule a time.

Thanks,

Mark
---------------------- Forwarded by Mark Taylor/HOU/ECT on 03/01/2000 06:58
PM ---------------------------

	Enron North America Corp.

	From:  Mark E Haedicke                           03/01/2000 05:47 PM

To: Mark Taylor/HOU/ECT@ECT
cc:
Subject: Project Bigtoe

Mark, give me a call.  Mark


We are working hard to address the immediate New Power exposure.  Dave:  FYI it might actually involve Service Co. Mark, we are talking to Jimmie this morning on that idea. We will certainly review overall exposure as a part of this.

 -----Original Message-----
From: 	Whalley, Greg
Sent:	Thursday, August 23, 2001 8:33 AM
To:	Delainey, David; Muller, Mark
Cc:	Lavorato, John; Buy, Rick; Causey, Richard
Subject:	RE: NewPower

we need to be really careful with a decision to get closer to the company, notwithstanding our fiduciary responsibility.  i do agree with either getting in or out.  we should either get more active, or abandon our board seats and get some distance.

 -----Original Message-----
From: 	Delainey, David
Sent:	Wednesday, August 22, 2001 11:12 PM
To:	Muller, Mark
Cc:	Whalley, Greg; Lavorato, John; Buy, Rick; Causey, Richard
Subject:	NewPower

Mark, The word on the street is that the NewPower folks are getting further in trouble (ie) strange trading activity, etc. Looks and smells a little like the old EES.

Couple of opps:
	- get another shareholder on-side and demand an Enron led audit to confirm financial and operating health;
	- followed up by hostile exit of mgt team if significant issues arise.

Issues:
	- obviously pushes us into another level of complicity/fiduciary in a blow up or bankruptcy not unlike the issues we faced with Kafus et al; however, given our continued interest a significant control issue could result in a significant acceleration of a write-off of our existing position plus any outstanding credit.

I would recommend we force the management team to submit to a detailed audit as a part of a united shareholder iniative - Lets discuss.

Rick Buy, what is our current credit position?

Greg/John, do you have a view on this one?

Rick Causey, we  probably need a more "permanent solution" ot the NewPower issue.

Regards
Delainey


I am Asst. Gen. Counsel---Litigation Manager at Enron North America. As the
title implies I am in charge of all litigation in N. America . I also have
responsibility for litigation in Europe. This job carries great
responsibilities. Since I arrived in Jan of 1998, the stock has appreciated
more than 100%. Need I say more. In this job I am also, on occasion,when the
mood strikes her, allowed to ask irrelevant questions to Carrin Patman about
how she is conducting our litigation. Suggestions are strictly off limits.
I have several recollections--- Who can forget Richard Royd's 7am  breakfast
meetings to answer associate questions. There was a meeting at 7 but there
was no breakfast served and no questions answered. Sample question: "Richard,
why does every firm other than Bracewell have free sodas" Response: "I'm glad
you asked me that question but first let me tell you about the Bejing office"
What about the Oscar Madison/ Felix Unger pairing of Bruce Feitchinger and
Skip McBride.Skip should have known better----when he first interviewed
Bruce,they  met at Kenneally's Irish Pub.    Personally,since I left the firm
we have had another son,Matthew,age 11months. Julie has gone back to school
to get her Montessori teaching certification to be able to teach at Post Oak
School.


Brent -

Are these okay to release to the CommodityLogic sales team?

Please let me know when you have a chance.

Thanks.

Mark


Based on the rescheduling of last week's case, am I coordinating this week or
is Dylan, just so I know what the
plan is? I volunteered Monday night to coordinate since I haven't taken a
shift at it yet, but I wanted to verify
that.

Christine

Jeff.Dasovich@enron.com wrote:

> Based on last nite's discussion, here's the coordinator list:
>
>    Christine--11.6--Teltronica
>    Dylan--11.13--Nutra
>    Kim--11.1--Agro Feed
>    Jeff--11.27--Global Industries
>    Jimmie--12.4--Daimler-Benz
>
> We also decided that:
> 1) we'd continue with the SF/East Bay split
> 2) each group should combine the answers into one document prior to sending
> to the coordinator for final compilation
> 3) we'd distribute draft answers to the entire group, since some questions
> feed off of others
> 4) we'd get finalized responses to the coordinator no later than 4 PM on
> Sunday
>
> Let me know if this tracks with others' memories.
>
> Best,
> Jeff
>
>
>                     Christine Piesco
>                     <christine.piesco@o        To:     Kimberly Kupiecki
<kkupiecki@arpartners.com>
>                     racle.com>                 cc:
Jeff.Dasovich@enron.com, dwindham@uclink4.berkeley.edu,
>                                                jjackson@haas.berkeley.edu,
jcjcal02@aol.com
>                     10/09/2000 01:49 PM        Subject:     Re: Teams
>
>
>
> I assume you all have already exchanged contact information. Mine is below,
> if
> there is a list of everyone's phone numbers could someone please forward it
> to
> me?
>
> Home: 415-928-7487
> Cell: 650-740-1097
> Work: 650-506-3640
>
> Thanks,
> Christine
>
> Kimberly Kupiecki wrote:
>
> > Hi Christine,
> >
> > We have been doing the cases via email up to this point.  We typically
> > divide up the questions and send each other our responses.  One team
> member
> > takes the lead on creating the "hand in" document.
> >
> > Cheers,
> >
> > At 04:42 PM 10/4/00, Christine Piesco wrote:
> > >Glad to be aboard! When are we meeting? I am on campus Monday-Weds.
> > >
> > >Christine
> > >
> > >Jeff.Dasovich@enron.com wrote:
> > >
> > > > Christine:
> > > >
> > > > Sorry I haven't replied sooner.  Crazy day.  Consider yourself the
> 5th
> > > > member of our team---but remember, no warranties included.
> > > >
> > > > Best,
> > > > Jeff
> > >
> > >--
> > >Christine Piesco
> > >Industrials Account Manager
> > >Oracle Corporation
> > >500 Oracle Parkway
> > >Redwood Shores, CA 94065
> > >Phone: (650) 506-3640
> > >Fax: (650) 633-3753
> > >christine.piesco@oracle.com
> > >
> >
> > Kimberly Kupiecki
> > Senior Account Executive
> > A&R Partners
> > kkupiecki@arpartners.com
> > (650) 762 2800 main
> > (650) 762 2825 direct
> > fax (650) 762 2801
>
> --
> Christine Piesco
> Industrials Account Manager
> Oracle Corporation
> 500 Oracle Parkway
> Redwood Shores, CA 94065
> Phone: (650) 506-3640
> Fax: (650) 633-3753
> christine.piesco@oracle.com
>
> (See attached file: christine.piesco.vcf)

 - christine.piesco.vcf


Please,

Take a look at the attached info. Can you use this service?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/16/2000
04:54 PM ---------------------------

"Vadim Pokhlebkin" <vpokhleb@ideaus.com> on 03/16/2000 01:34:40 PM
To: <vkamins@enron.com>
cc:
Subject: IDEA: please take a look

Dear Mr. Kaminski,

Thank you for calling.  Briefly, about IDEAglobal.com: we've been providing
unbiased market analysis since 1989, and today our customers include the
Fed, the US Treasury, the IMF, 25 foreign Central banks, and over 1,700
dealing rooms worldwide.  We emphasize sales and trading strategies rather
than just provide market news.

Attached, please find 2 samples of our daily research: today's issue of our
morning faxes Financial Markets Today and Fixed Income Today.  We also have
intraday market coverage on Bloomberg: IDEA>GO, Reuters, and
Bridge/Telerate.

If the info looks interesting, we would be glad to arrange a 30-day free
trial for you?  For your reference, please see our Price List.  I look
forward to your reply.

Best regards,
Vadim Pokhlebkin
Account Manager
vpokhlebkin@ideaglobal.com
tel. + 1 212 571 4332
fax  + 1 212 571 4334

IDEAglobal.com
140 Broadway, 21st Floor
New York, NY 10005, USA

Any views expressed in this message are those of the individual sender,
except where the sender specifically states them to be the views of
IDEAglobal.com. This email, its content and any files transmitted with it
are intended solely for the addressee(s) and may be legally privileged
and/or confidential. Access by any other party is unauthorized without the
express written permission of the sender. If you have received this email in
error you may not copy or use the contents, attachments or information in
any way. Please destroy it and contact the sender via the IDEAglobal.com
switchboard in one of the following three offices: New York +1 212 571 4332;
London +44 171 430 2888; Singapore +65 332 0700

 - FMT0316A.pdf
 - FIT0316a.pdf
 - onesheet.doc


thanks, paul.  apologies, i dont' even remember seeing this.  leslie, can we
discuss on thursday.  i  can update you on everything underway w.r.t. cal
gas.  thursday work for you?

best,
jeff

	Paul Kaufman/ENRON@enronXgate
	07/03/2001 10:22 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc:
		 Subject: FW: California state regulatory matters

Knowing your swamped and all ... did you respond to this e-mail or contact
Phillip Allen?

 -----Original Message-----
From:  Lawner, Leslie
Sent: Wednesday, June 27, 2001 11:00 AM
To: Kaufman, Paul; Dasovich, Jeff; Steffes, James
Cc: Kingerski, Harry; Cantrell, Rebecca; Fulton, Donna; Allen, Phillip K.
Subject: California state regulatory matters

Paul and Jeff,

Becky, Donna and I (gas girls) met with Phillip Allen (ENA West) to discuss
FERC gas issues today, and Phillip had some issues that were more state than
federal, and I told him I would bring them to your attention.

He is interested in seeing incentive rates or more hedging on the part of the
CA LDC's so that all their needs are not being served by the spot market.  In
the current market, hedges (longer term contracting and financial) are being
done primarily by the producers and marketers, which results in a thin and
probably off-kilter market (the LDCs buying for the customers are not
participating).  I know we have to square this with the EES positions, but I
am not up to speed on what is going on in CA on this issue.

Phillip also made that point that while the LDCs are focusing on their core
load, no one is doing system planning on the macro basis, taking into account
the ability of the physical systems to meet the needs of all customers, core
and non-core and making sure the system will be adequate.

Finally, he is very interested in seeing the CA LDC rates unbundled.

Any updates we can provide to Phillip (and the gas girls) would be
appreciated, as well as what our plans are to address these issues.

From our side, El Paso is having a conference in July and we will be taking
up a number of allocation and transportation issues at that time.

Thanks.


Shouldn't we get together this weekend?
Sunday or such?

Chris Hornbeck
Architect
CAD / Design Manager
GAP, Inc. -- International Store Design
chris_hornbeck@sp.gap.com


Sara,

I'm sorry, but I'm still awaiting word on the Cargill, Inc. guarantee
of
Cargill-Alliant, which was in the hands of our Credit Manager for a
final
once-over.  (Unless they've by-passed me?  Have you seen a revised copy
of
this guarantee?)

I also need that same Credit Mgr. to give his final nod of approval to
the
Set-Off language you'd put into the last draft.  Our Legal only had on
a
couple of minor comments on it.

Thanks for the follow-up!  I intend to press hard this week for a final
response so we can at last get this wrapped up.

Mara Alexander
Sr. Documentation Analyst
Cargill, Incorporated
Tel: 952.984.3417
Fax: 952.984.3872
e-mail: Mara_Alexander@Cargill.com

-----Original Message-----
From: Sara.Shackleton@enron.com [mailto:Sara.Shackleton@enron.com]
Sent: Monday, February 26, 2001 4:45 PM
To: alexander, mara /xtwn
Subject: ISDA Master Agreement

Mara:  Are we done?  I don't think we have heard from you about the
master?
Can we go ahead and have the guaranty executed?  I don't think we have
any
outstanding issues.

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


I am OK with what Credit say, which is if the counterparties are already
approved for trading those pulp & lumber products theyan trade the new
products, except for the following counterparties which we need to be careful
about becuase they could only tansact newsprint:

The Bakersfield Californian:  can transact only newsprint
E.W. Scripps Company (The) can only transact 48.8 gram newsprint swaps

	Stephanie Sever
	03/27/2001 03:08 PM

		 To: Tana Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly
Lombardi/NA/Enron@Enron, Tom Moran/Enron@EnronXGate
		 cc: Robert B Cass/HOU/ECT@ECT, Kevin Meredith/Corp/Enron@ENRON, Chris
Walker/HOU/ECT@ECT, Melba Lozano/HOU/ECT@ECT, Lisa Lees/HOU/ECT@ECT
		 Subject: RUSH - EOL PRODUCT TYPE APPROVAL for 5 Financial product types
(Clickpaper to EOL migration)

Tana/Karen/Kelly:

Credit (Tom Moran) has approved copying the profiles for the following new
product types; US Newsprint Fin Swap, US Packaging Fin Swap, US Recycled
ONP#8 Fin Swap and US Recycled OCC #11 Fin Swap from the following:

US Paper Fin Swap

Credit (Tom Moran) has approved copying the profile for the new product type,
US OSB Fin Swap, from the following:

US Lumber Fin Swap

Please respond by 5 p.m. today, Tuesday, March 27.

Thank you.
Stephanie
---------------------- Forwarded by Stephanie Sever/HOU/ECT on 03/27/2001
02:29 PM ---------------------------

	Enron North America Corp.

	From:  Kevin Meredith @ ENRON                           03/23/2001 08:24 AM

To: Jeff Blumenthal/HOU/ECT, Susan Musch/ENRON_DEVELOPMENT, Bjorn
Hagelmann/HOU/ECT, Mark Taylor/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, Tom
Moran/HOU/ECT, Shari Mao/HOU/ECT@ECT, Charlie Hoang/HOU/ECT, Laurie
Lee/NA/Enron
cc: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron,
Tara Sweitzer/HOU/ECT@ECT, Dawn C Kenne/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT, Chris Walker/HOU/ECT@ECT,
Melba Lozano/HOU/ECT@ECT
Subject: EOL PRODUCT TYPE APPROVAL for 5 Financial product types (Clickpaper
to EOL migration)

Your review and approval of the following 5 product types in the EOL
Datamanager is needed (for directions on approval , please see steps for
approval at the bottom of this e-mail). If you have any questions please call
me at ext. 39555.

US Newsprint Fin Swap      USD/MT/M

A US Newsprint Financial Swap Transaction with Enron North America Corp.
under which the Seller pays a Floating Price and the Buyer pays the price
submitted by Counterparty on the Website (the Fixed Price) in respect of the
Notional Quantity per Determination Period. The Notional Quantity per
Determination Period shall be the volume submitted by Counterparty on the
Website. Each calendar month during the term of the Transaction will be a
Determination Period. The Payment Date(s) will be 5 business days after the
Floating Price is determinable. The Floating Price shall be the Index for the
relevant Determination Period.

US Packaging Fin Swap      USD/ST/M

A US Packaging Financial Swap Transaction with Enron North America Corp.
under which the Seller pays a Floating Price and the Buyer pays the price
submitted by Counterparty on the Website (the Fixed Price) in respect of the
Notional Quantity per Determination Period. The Notional Quantity per
Determination Period shall be the volume submitted by Counterparty on the
Website. Each calendar month during the term of the Transaction will be a
Determination Period. The Payment Date(s) will be 5 business days after the
Floating Price is determinable. The Floating Price shall be the Index for the
relevant Determination Period.

US Recycled ONP #8 Fin Swap     USD/ST/M

A US Recycled Financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website. Each
calendar month during the term of the Transaction will be a Determination
Period. The Payment Date(s) will be 5 business days after the Floating Price
is determinable. The Floating Price shall be the Index for the relevant
Determination Period.

US Recycled OCC #11 Fin Swap     USD/ST/M

A US Recycled Financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website. Each
calendar month during the term of the Transaction will be a Determination
Period. The Payment Date(s) will be 5 business days after the Floating Price
is determinable. The Floating Price shall be the Index for the relevant
Determination Period.

US OSB Fin Swap       USD/MSF

A US OSB Financial Swap Transaction with Enron North America Corp. under
which the Seller pays a Floating Price and the Buyer pays the price submitted
by Counterparty on the Website (the Fixed Price) in respect of the Notional
Quantity per Determination Period. The Notional Quantity per Determination
Period shall be the volume submitted by Counterparty on the Website. Each
calendar month during the term of the Transaction will be a Determination
Period. The Payment Date(s) will be 5 business days after the Floating Price
is determinable. The Floating Price shall be the Index for the relevant
Determination Period.
==============================================================================
=====

STEPS FOR APPROVAL:

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


Professor Ronn:

Thank you for your email and I wish to respond as follows:

 I have left a message with our travel agency asking if they can get you a
 hotel reservation closer into town.  I will let you know.

 I have ordered an overhead projector and the room already has a screen
 installed.  However, there is really not room for a lectern.  The overhead
will
 sit on the end of the large conference table and most have room to use part
 of the table for their presentation copies.

 I will be glad to make copies for you, however, it would be a big help if you
 could email me a copy of your presentation on Wednesday.  Thursday
 mornings around here get pretty hectic sometimes and we may not have
 time to make the copies.

I hope this meets with your approval.  Please let me know if you need
anything else.

We look forward to your visit.

Regards,

Shirley Crenshaw
713/853-5290
email: Shirley.Crenshaw@enron.com


Thanks.

Susan

P.S.-Did you get my other email?

"Cindy Rice" <crice@nge.com> on 04/02/2001 02:09:50 PM
Please respond to <crice@nge.com>
To: <Susan.W.Pereira@enron.com>
cc:
Subject: RE: mtg w/ coach

sorry about that -- i should have known better -- since victor's schedule is
not that flexible, think i'll leave it as is -- it's really no big deal, and
i can easily fill you in on the details

Cindy Rice
Energy East Solutions
mailto:crice@nge.com
Phone (713) 626-2426
Fax (713) 626-2604

-----Original Message-----
From: Susan.W.Pereira@enron.com [mailto:Susan.W.Pereira@enron.com]
Sent: Monday, April 02, 2001 2:06 PM
To: crice@nge.com
Subject: Re: mtg w/ coach

Tomorrow at 1:45 would work better.  Wednesday is AGA storage day and it's
hard for me to get away before3pm.

Thanks,
Susan

"Cindy Rice" <crice@nge.com> on 04/02/2001 01:49:01 PM

Please respond to <crice@nge.com>

To:   <susan.w.pereira@enron.com>
cc:
Subject:  mtg w/ coach

Can you do Wed @ 1:45 pm?? Meet @ Coach  Pulich's office, which is just
next to the cafeteria.
Cindy?Rice
Energy East Solutions
mailto:crice@nge.com
Phone (713) 626-2426
Fax (713) 626-2604


-----Original Message-----
From: 	Dinari, Sabra L.
Sent:	Thursday, April 04, 2002 9:26 AM
To:	Germany, Chris
Subject:	RE: Lone Star activity

Heres the spreadsheet I keep on the Lonestar nom, the points have been the same all month so far.

 -----Original Message-----
From: 	Germany, Chris
Sent:	Wednesday, April 03, 2002 4:52 PM
To:	Dinari, Sabra L.
Cc:	Kelly, Katherine L.
Subject:	RE: Lone Star activity

I just spoke with Theresa Vos.  She handles the accounting for these deals and she said they have to do everything outside the system because ENA is not collecting the slaes revenue or making the payments to the suppliers.  Joe was very concerned about putting deals in Sitara because he was afraid that we might double bill TXU.  There is also a problem with the Feb activity because TXU recorded all the activity as ENA activity instead of Ponderosa Pine activity.  It also appears that TXU withholds payments for the smallest indiscretions in the billing too.  We can chat about that next week.

Sabra, do you know what points Apache/Cinergy and Williams is giving us the gas at?  I'd like to see that if possible.

Thanks

I'm taking off Friday.

 -----Original Message-----
From: 	Dinari, Sabra L.
Sent:	Wednesday, April 03, 2002 11:31 AM
To:	Germany, Chris
Cc:	Kelly, Katherine L.
Subject:	RE: Lone Star activity

yes, I am basically handling any "old" wholesale business which for now includes the FGT/Citrus, Lonestar and some Enron Compressor stuff on TW.  I do have a Sitara ticket that we are updating for the sale to TXU, just let me know the price and I'll update it.  I'm updating the supply tickets, I believe its a long term deal...I don't know all the details about all this.  Is Joe Parks leaving or something, why are you doing all this stuff now?

FYI:  I call it the Cleburne Plant and it is at the same point as it was for the first 3 days of the month.  The scheduler over there calls me every morning to verify.

Sabra

 -----Original Message-----
From: 	Germany, Chris
Sent:	Wednesday, April 03, 2002 11:19 AM
To:	Dinari, Sabra L.
Cc:	Kelly, Katherine L.
Subject:	Lone Star activity

I don't know if I should call this the Ponderosa Pine plant, the Cleburne Plant, or what.  Think I'll refer to it as Cleburne.

Sabra, Joe Parks told me that you handling Lone Start in the future.

I sold 10,000 dth to TXU for tomorrow.  I believe we have sold TXU 10,000 dth everyday this month so far.  Lyn at TXU asked me if the gas was at the same point for tomorrow and I told her "sure" and I have no idea what points our gas is coming from.

I don't know how much time we need to spend on this.  But, I have not put anything in Sitara and I don't know if I should.  I believe Theresa Voss's (on 3 in Enron Center South) group is handling the accounting for this and I don't know what they need.  I'm going to try and meet her today.

Sabra, are you handling this?  Let me know.  If you are, do you want/need/care if this is in Sitara and Unify?  I believe all of the activity for this deal flowed through ENA before bankruptcy.  Now, I believe the partnership makes all the payments and billings and they probably pay ENA a fee.  Joe made it very clear that ENA is NOT supposed to send out an invoice.

thx
chris


both billy joe's were still under contract so the broncos had to get young.
saints could have had scrubby brister if they had played their cards right.


Our friends....

Nothing to do on the Saturday before Halloween?  Bored of the same ol'
costumes and Bridge 'n Tunnel crowd down in the Castro?  Want to strangle
the next guy you see dressed up as the Golden Gate Bridge?  Well then, have
we got a bash for you!   It's Rob and Madeleine's last minute Halloween
fiasco.  Sure to be a hit for all ages and attitudes.  Think about
it.....when you combine Madeleine's penchant for over-supplying good food
and drink, insistence on bringing in outside help and making sure everyone's
happy....with Rob's delight for doing the strange and unexpected (especially
with pumpkins!) on his favorite holiday....then this is sure to be a hit.

....and if it's not, we'll at least I've had practice with good creative
copywriting.

Here are the details.

When:  Saturday October 28.  6:30 - ? (We're starting early so those who
want to see the gawkers with cameras in the Castro can get there by mid
evening).

Where:  1228 Grove #1 (and maybe #'s 2-6 if my friendly neighbors open their
doors to make this a big building party).  We're located at the edge of
Alamo Square Park near the corner of Scott and Grove.

Why:  Because I love Halloween and Madeleine loves bobbing for apples.
And...because you're never to old to have Halloween fun.

What Happens:   Basically anything you want to.  But we'll be encouraging...

Creative pumpkin carving in our special carving room (bring your own pumpkin
and carving utensils, and we'll supply the newspaper and votive candles to
light up your scary creation....Generous, aren't we.)

Marshmallow roasting on our neighbor's home-made grill pit in the back yard
(a Weber stacked with wood)

Wine tasting and beer quaffing (free entry to the one who finds a good
pumpkin wine).
All night food snacking (not a formal dinner, but should be enough goodies
to compliment a few glasses of your favorite venom)

Informal costume judging (costumes not required, but c'mon, it's
Halloween....relax, have fun, live a little, dress up!)  No parading around
for this one, simply tap the ghoul on the shoulder you think has an
outrageous get-up and give 'em some credit for putting it on.

Devilish music (we're thinking a deluge of Wagnerian movements (Faust
anybody?)...but bring some of your own to share as well)

What to bring:  Yourself, hopefully a costume (no, you're not required), a
pumpkin if you wish and one small thing to share with a few others to imbibe
or devour (we'll supply the lion's share).  Be creative!

RSVP?  Absolutely...we need to now if we should notify the police of the
impending ruckus!   Use this e-mail (roblevy@earthlink.net or
madeleinet@earthlink.net).  Do so by the 23rd if you can.

Cheers!

Rob and Madeleine (Levy and Todd)
415-296-2124


Amen.


Chris:  I left voice mails for both Tracy Ngo and Tanya Rohauer about
Delano.  I've had no response.  SS


=====================================================================
                           THE STANDARD'S
                         M E D I A  G R O K
           A Commentary on What the Press Is Reporting and Why
=====================================================================
                                        | http://www.thestandard.com |

Wednesday, May 30, 2001

TOP GROKS:
* Oh, Lucent, You Tease
* Here Comes MyPlay the Bride
* Switch Behemoths, Save $1.95

MORE NEWS:
* Lucent and Alcatel Call It Off
* Sun's Outlook Doesn't Look Bright
* For Lucky Few, DoCoMo's 3G Makes Japan Debut
* Battle of the Acronyms: MSN vs. AOL

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TOP GROKS
~~~~~~~~~
Oh, Lucent, You Tease

After keeping coy for weeks, Lucent and Alcatel finally confessed that
they've been talking about a merger. But in the same breath, they said
the deal was off. And after AT&T and Agere already bought their
bridesmaid outfits ...

Not 24 hours before the companies bailed out, respectable news outlets
worldwide ran headlines like "Alcatel purchase of Lucent seen near."
What happened? The most common explanation - given by anonymous but
talkative sources to just about every journalist who asked - was that
Lucent wanted a "merger of equals," not a takeover.

"The two sides had made significant progress after a weekend of
negotiating at a chateau outside Paris," said the Wall Street Journal.
(The New York Times added that the talks "extended into the nights
over dinner and bottles of excellent wine" - tough life.) Alcatel and
Lucent appeared to have ironed out every possible merger issue except
the composition of the post-merger board of directors. Lucent chair
Henry Schacht wanted an even 8-8 split of directors; Alcatel wanted to
give itself 8 and Lucent 6. "So the sticking point for what was to be
a $23 billion deal comes down to vanity," said The Register, adding that
Alcatel deserved the upper hand, "considering the cash-crunching
mess-up on the pavement created by Lucent's management."

Investors gave a cheer as the deal was canceled, and shares of both
firms rose. That "reversed the slide of recent weeks as talk
increasingly cast Lucent as a sinking ship and Alcatel as a reckless
savior," said TheStreet.com. Telecom competitors probably aren't as
psyched, said CBS MarketWatch, since a long Alcatel-Lucent merger
hassle might have given rivals a chance to convert some customers.

The non-merger probably won't put the hurt on Alcatel, but it doesn't
look good for Lucent and its debts, predicted the New York Times and
the Chicago Tribune. "Alcatel was by no means the only prospective
merger partner Lucent courted," explained the Times. "But it was
apparently the only company that expressed a real interest." Sorry,
Agere, you'd better hope you can return the dress. - Jen Muehlbauer

Lucent and Alcatel Call It Off
http://www.thestandard.com/article/0,1902,26746,00.html?nl=mg

Why Rivals Rue Alcatel-Lucent Outcome
http://cbs.marketwatch.com/news/story.asp?guid=%7BD3A3D62E%2D920A%2D4B00%2DBA30%2DA1CBE68DEE1A%7D

Alcatel, Lucent End Discussions For $22.8 Billion Telecom Merger
http://interactive.wsj.com/articles/SB991157931659734175.htm
(Paid subscription required.)

Alcatel and Lucent Call Off Negotiations Toward a Merger
http://www.nytimes.com/2001/05/30/technology/30LUCE.html
(Registration required.)

Lucent, Alcatel Merger Fizzles
http://www.chicagotribune.com/tech/news/article/0,2669,ART-52092,FF.html

Lucent's Hits and Misses
http://news.cnet.com/news/0-1004-200-6078084.html

Scuttling of Alcatel Deal Puts Spotlight Back on Lucent's Turnaround
http://www.thestreet.com/tech/scottmoritz/1444604.html

Lucent Merger Talks Collapse
http://www.washingtonpost.com/wp-dyn/articles/A93580-2001May29.html

Lucent Jilts Alcatel at the Altar
http://www.theregister.co.uk/content/7/19282.html

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

Here Comes MyPlay the Bride

Everyone's a little weepy as MyPlay heads to the altar with rich
German sugar daddy Bertelsmann. Sure, the two companies let it slip to
the media that Bertelsmann is buying MyPlay for $30 million, and the
news took off like a pair of honeymoon pajamas. But a report in Los
Angeles Times makes you wonder whether MyPlay is really marrying up.

Bertelsmann has big plans for its new division, to be launched July 1
and called BeMusic. According to outlets, BeMusic would include
MyPlay, CDNow, BMG Music Service and eventually Napster - if Napster
can go legit and Bertelsmann can convert its loan to the company into
an ownership stake, the New York Times added.

After leaking the deal to the media, Bertelsmann and MyPlay officials
went mute, apparently saving their sound bites for today's official
confab. That left most reporters dusting off the well-worn template,
"this is the latest example of," to serve as analysis. (The
fill-in-the-blank answer, by the way, is that the deal is the latest
in a string of unions between the major labels and online music
companies.) News.com, however, offered the fullest explanation,
pegging the recent shotgun marriages as examples of the music labels'
submit-or-die tactics. "More critical minds in the startup and analyst
community have speculated that the labels deliberately starved the
online companies of music to minimize the potential competition,"
wrote Jim Hu and John Borland. Then again, given the collapse of the
Net music market, startups and analysts have an ax to grind, no?

And what of MyPlay? Most reporters seemed to know little of it, other
than the vague notion that the $30 million sale price made it a poor
man's MP3.com. Several outlets reported that Bertelsmann had
considered buying MP3.com but passed because of that deal's $372
million price tag. Webnoize recalled that a year ago, MyPlay, too, had
been in the nine-digit club when it was reportedly in talks to be
acquired by Yahoo for $200 million.

Maybe MyPlay just couldn't cut it in Internet time. While the
Financial Times quoted its Bertelsmann source as applauding MyPlay's
"proprietary technology," the Los Angeles Times pegged it as the
company's main problem, requiring a glacial 20 minutes or so per song
on the average dial-up modem to transfer a home's music collection
into a locker. Even MyPlay threw up its hands, according to the L.A.
Times, having changed its focus in March away from consumers and into
developing online music-distribution services for other companies.

If MyPlay is feeling emotionally unavailable, that's probably just as
well. Its new partner isn't one for sharing, according to the L.A.
Times. On Tuesday, Bertelsmann finally agreed - listen closely and you
can hear its arm being twisted - to share some of its $20 million in
proceeds from its MP3.com lawsuit with the artists on its record
labels. - Deborah Asbrand

Bertelsmann in Deal to Buy Music Start-Up
http://www.nytimes.com/2001/05/30/technology/30MUSI.html
(Registration required.)

Bertelsmann to Buy MyPlay.com for $30m
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3WTO70CNC&live=true&tagid=IXL5PIPSW8C

Bertelsmann's eCommerce Group Acquires Web-Music Firm MyPlay
http://interactive.wsj.com/articles/SB991184696712205889.htm
(Paid subscription required.)

Bertelsmann to Buy MyPlay
http://news.cnet.com/news/0-1005-200-6093589.html

Bertlesmann to Acquire Locker Service MyPlay
http://news.webnoize.com/item.rs?ID=13201

Bertelsmann Buying Net Service MyPlay
http://www.latimes.com/business/20010530/t000045121.html

Bertelsmann to Share Award in Online Suit With Artists
http://www.latimes.com/business/20010530/t000045119.html

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Switch Behemoths, Save $1.95

If you have anything to say about the following information, you're
doing better than most journalists: Microsoft is launching a $50
million campaign to lure AOL customers to MSN. Maybe reporters were
still hung over from Memorial Day barbecues; most of them phoned in
this one.

MSN's selling point is AOL's upcoming price increase from $21.95 to
$23.90 for a month of unlimited access. Microsoft will offer AOL
converts three months of free MSN access and a locked-in $21.95 per
month rate until Jan. 1, 2003 - but only if you're a new subscriber.
We wonder if that means existing MSN users might see a price hike of
their own in 2002, but apparently we're the only ones.

As of Grok's press time, few writers seemed to remember that ISPs
other than AOL and MSN even exist. The AP and the Washington Post did
mention third-place provider EarthLink. (The Post's Alec Klein
provided further much-needed context by describing the "long-standing
rivalry" between Microsoft and AOL.) Nobody seemed to recall
EarthLink's 1998 "Get Out of AOL Free" campaign, which targeted AOL
members the last time AOL raised its price.

It took a confessed Microsoft shareholder, Rex Moore of the Motley
Fool, to blow MSN's free media ride. MSN's rate "is no bargain," said
Moore, since AT&T's WorldNet service costs the same, EarthLink is
cheaper, and "there are ISPs that offer dial-up access in every state
for less than $15 a month." Picky, picky. - Jen Muehlbauer

Battle of the Acronyms: MSN vs. AOL
http://www.thestandard.com/article/0,1902,26752,00.html?nl=mg

How Sweet Is Microsoft's Counteroffer?
http://www.fool.com/news/2001/msft010529.htm?ref=foolwatch

Microsoft Tries to Woo AOL Users (AP)
http://www.austin360.com/shared/news/technology/ap_story.html/Technology/AP.V0500.AP-Microsoft-AOL.html

Microsoft Seeks to Profit From AOL Hike
http://www.washingtonpost.com/wp-dyn/articles/A94434-2001May29.html

EarthLink Offers Online Users A Chance To 'Get Out Of AOL Free'
http://www.earthlink.net/about/pr/aol.html

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MORE NEWS AT THESTANDARD.COM
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Lucent and Alcatel Call It Off
By Jason Krause
Dreams of a trans-Atlantic telecom powerhouse fade when the companies
kill merger talks, after more than a week of rumors.
http://www.thestandard.com/article/0,1902,26746,00.html?nl=mg

Sun's Outlook Doesn't Look Bright
By Mark Boslet
The computer maker says it will miss 4th-quarter expectations because
demand in the U.S. and Europe is still sluggish.
http://www.thestandard.com/article/0,1902,26748,00.html?nl=mg

For Lucky Few, DoCoMo's 3G Makes Japan Debut
By Reed Stevenson - Reuters
Despite delays, the Japanese wireless giant's new service gets an
enthusiastic reception.
http://www.thestandard.com/article/0,1902,26756,00.html?nl=mg

Battle of the Acronyms: MSN vs. AOL
By Terry Lefton
Microsoft is spending a cool $50 million to market its ISP in hopes of
luring America Online customers faced with higher prices.
http://www.thestandard.com/article/0,1902,26752,00.html?nl=mg

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

MORE LINKS
~~~~~~~~~~
Blair Under Fire After Microsoft Presentation
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3SQPU7CNC

Sun Reduces Expectations on Earnings
http://www.nytimes.com/2001/05/30/technology/30SUN.html
(Registration required.)

Hormel Is Resigned to Use of 'Spam' in Net Slang (St. Paul Pioneer
Press)
http://www.siliconvalley.com/docs/news/svfront/026425.htm

Amazon Likely Made Deceptive Statements On Privacy Policy, Federal
Regulators Say
http://interactive.wsj.com/articles/SB99117466275010670.htm
(Paid subscription required.)

Terra Lycos' Davis Says Company Won't Buy EarthLink or CNET
http://www.inside.com/jcs/Story?article_id=31861&pod_id=13

Insurer Drops Web Service
http://www.jsonline.com/bym/tech/news/may01/wausau30052901.asp

Tax Bill Has Provision for Computer Writeoffs
http://www0.mercurycenter.com/business/top/007362.htm

Laid Off - Got Mail?
http://www.wired.com/news/infostructure/0,1377,43873,00.html

Disney Setting a Mousetrap to Lure Buyers to Its Castoffs
http://www.latimes.com/business/20010530/t000045086.html

STAFF
~~~~~
Written by Deborah Asbrand (dasbrand@world.std.com), Michaela
Cavallaro (mcavalla@maine.rr.com), Keith Dawson
(dawson@world.std.com), Jen Muehlbauer (jen@englishmajor.com), Lori
Patel (loripatel@hotmail.com) and David Sims (davesims@sonic.net).

Edited by Jimmy Guterman (guterman@vineyard.com).

Copyedited by Jim Duffy (jduffy@thestandard.com).

GET THE MAGAZINE
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Copyright 2001 Standard Media International


Dear All,

I have been asked to give a talk on the use of copulas in stress testing
at a Risk conference.
As I don't really work directly on those sorts of things anymore I would need
some help
putting anything together- I am happy with the theory, I would just need to
present some results. It is a risk conference in London/New York in February.

If I can't accept it soonish I'll have to turn it down.
The organiser has another person in mind and I don't want to give a rubbish
talk.

Regards,
Sharad Agnihotri

Please respond to "Jean-Pierre Doggett" <jpdoggett@riskwaters.com>

To:   <Sharad.Agnihotri@enron.com>
cc:

Subject:  Risk's advanced stress testing course

Dear Sharad,

I attach a copy of the draft programme - please feel free to suggest any
amendments.

To give you some context, we're pitching the course at  more senior risk
managers who are familiar with standard stress testing  techniques so the
content must be a significant step further e.g. alternative  approaches,
incorporating credit risk etc.

My number is at the bottom of this message. Thanks for your help,
J-P

Jean-Pierre Doggett
RISK Conference Producer
RISK  Waters Group
Phone: + 44 (0) 20 7484 9813
Fax + 44 (0) 20 7484  9800
e-mail: jpdoggett@riskwaters.com
www.riskwaters.com

 - Stress testing draft.doc


Please attend if possible.

---------------------- Forwarded by Tracy Geaccone/GPGFIN/Enron on 02/15/2001 04:00 PM ---------------------------

Mike Layne@ENRON_DEVELOPMENT
02/15/2001 03:53 PM
To:	Tracy Geaccone/GPGFIN/Enron@ENRON
cc:

Subject:	Re: Meeting

Tracy,

We will be meeting in 3AC 440, Keith Marlow's office.

Mike

	Tracy Geaccone@ENRON 02/15/2001 03:18 PM 	   To: Mike Layne/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT  cc:   Subject: Meeting

The invitation Rocio sent did not mention where the meeting is to be held on 2/20 at 9:00??????

<Embedded StdOleLink>


Ms. Sera,

Thank you for your message.  My direct # is (617) 353-4338 and if I am not
there, my assistant Holly usually knows my schedule and how to track me down.

Also, please know that although I grew up in Maine, I consider Texas my home
away from home.  Feel free to call anytime and please let Jeff know I look
forward to meeting him via the telephone.

Sincerely,

Jane

Jane Robinson
Associate Director of Admissions
121 Bay State Road
Boston, MA 02215

____________________Reply Separator____________________
Subject:    Request for telephone number
Author: <Jeff.Skilling@enron.com>
Date:       3/28/2001 5:30 PM

Ms. Robinson,

I'm writing on behalf of Jeff Skilling, to whom Kay Cole introduced to you
via e-mail.  He would like to speak to you by phone regarding his daughter
Kristin's potential interest in attending Boston University.  Would you be
willing to provide us with your phone number?

Please let us know if there is anything we can do to assist you with your
future visits to Houston.  I looking forward to hearing from you soon.

Regards,
Sherri Sera
Assistant to the President & CEO
713.853.5984
713.646.8381 (fax)
sherri.sera@enron.com


----- Original Message -----
From: NilTemere@aol.com
To: bcenter2k@yahoo.com ; bnln@email.msn.com ; gcrubiola@msn.com ; HootieRN@aol.com ; mhughes@paincarecenter.com ; Lake@texas.net ; SYLMADDOX@aol.com ; mmschendel@n2mail.com ; ramo@iprimus.com.au ; bjohnson497@earthlink.net ; AlisonD111@aol.com ; betsyh@swbell.net ; ccwhite2@swbell.net ; MHolik@aol.com ; jyandell3@home.com ; kathyamen@hotmail.com ; sarose2000@hotmail.com ; RAShearer@aol.com ; kiscobirdman@email.msn.com ; MSFleitas@aol.com ; jeandy@att.net ; pnella@earthlink.net
Sent: Wednesday, August 22, 2001 11:29 PM
Subject: Happiness

Subject: Happiness

  We convince ourselves that life will be better, after we
  get married, have a  baby, then, another.

  Then, we are frustrated that the kids aren't old enough, and,
  we'll be more content when they are.

  After that, we're frustrated that we have teenagers to deal with.
  We will, certainly, be happy when they are out of that stage.

  We tell ourselves that our life will be complete, when our spouse
  gets his or her act together, when we get a nicer car, we are able
  to go on a nice vacation, or, when we retire.

  The truth is, there's no better time to be happy, than right now.
  If not now, when?

  Your life will, always, be filled with challenges.
  It's best to admit this to yourself and decide to be happy, anyway.
  Happiness is the way.

  So, treasure every moment that you have and treasure it more, because
  you shared it with someone special, special enough to spend your time
  with... and, remember, that time waits for no one.

  So, stop waiting....

  - until your car or home is paid off
  - until you get a new car or home
  - until your kids leave the house
  - until you go back to school
  - until you finish school
  - until you lose 10 pounds
  - until you gain 10 pounds
  - until you get married
  - until you get a divorce
  - until you have kids
  - until you retire
  - until summer
  - until spring
  - until winter
  - until fall
  - until you die

  There is no better time, than right now, to be happy.
  Happiness is a journey, not a destination.

  So, work like you don't need money,
  Love like you've never been hurt,
  And dance like no one's watching.


Sent at the request of Debra Perlingiere

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


---------------------- Forwarded by Darron C Giron/HOU/ECT on 09/13/2000
11:03 AM ---------------------------

"KRISTI GIRON" <KRISTI.GIRON@cfisd.net> on 09/13/2000 07:54:41 AM
To: <Darron.C.Giron@enron.com>
cc:
Subject: Fwd: Fw: (no subject)

Content-Transfer-Encoding: 7bit
Received: from smtp.email.msn.com (cpimssmtpu08.email.msn.com
[207.46.181.30]) by gpwise01.cfisd.net; Tue, 12 Sep 2000 22:43:38 -0500
Received: from default - 63.28.143.18 by email.msn.com with Microsoft
SMTPSVC;  Tue, 12 Sep 2000 20:43:06 -0700
Message-ID: <002b01c01d35$7f5198a0$128f1c3f@default>
From: "hollyw" <hollyw@email.msn.com>
To: "KRISTI GIRON" <KRISTI.GIRON@cfisd.net>
Subject: Fw: (no subject)
Date: Tue, 12 Sep 2000 22:48:35 -0500
MIME-Version: 1.0
Content-Type: text/plain; charset="iso-8859-1"
X-Priority: 3
X-MSMail-Priority: Normal
X-Mailer: Microsoft Outlook Express 5.00.2919.6600
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Return-Path: hollyw@email.msn.com

mushy crap, mushy crap.............but I love you so here ya go.

----- Original Message -----
From: <EPeddi1254@cs.com>
To: <NanSeas423@aol.com>; <charleep@email.msn.com>; "mjp"
<mjp@hqhouston.com>; <Windy769@cs.com>; <kpeddicord@bce.katy.isd.tenet.edu>;
<hollyw@email.msn.com>
Sent: Tuesday, September 12, 2000 5:36 PM
Subject: (no subject)

> ou may have all seen this but is worth looking at again!!
>
>
>
> Keep reading to the bottom of the page - don't stop
> > >>       at the feet(You'll see).
> > >>
> > >>       THINGS AREN'T ALWAYS WHAT THEY SEEM
> > >>
> > >>       Two traveling angels stopped to spend the night in
> > >>       the home of a wealthy family.  The family was rude
> > >>       and refused to let the angels stay in the mansion's
> > >>       guest room.  Instead the angels were given a small
> > >>       space in the cold basement.  As they made their bed
> > >>       on the hard floor, the older angel saw a hole in the
> > >>       wall and repaired it.  When the younger angel asked
> > >>       why, the older angel replied,
> > >>
> > >>       "Things aren't always what they seem"
> > >>
> > >>       The next night the pair came to rest at the house of
> > >>       a very poor, but very hospitable farmer and his
> > >>       wife.
> > >>
> > >>       After sharing what little food they had the couple
> > >>       let the angels sleep in their bed where they could
> > >>       have a good night's rest.  When the sun came up the
> > >>       next morning the angels found the farmer and his
> > >>       wife in tears.  Their only cow, whose milk had been their
> > >>       sole income, lay dead in the field.  The younger
> > >>       angel was infuriated and asked the older angel, "How could
> > >>       you have let this happen?  The first man had everything,
> > >>       yet you helped him," she accused.  "The second family had
> > >>       little but was willing to share everything,
> > >>       and you let the cow die."
> > >>
> > >>       "Things aren't always what they seem,"
> > >>       the older angel replied.
> > >>
> > >>       "When we stayed in the basement of the mansion, I
> > >>       noticed there was gold stored in that hole in the
> > >>       wall.  Since the owner was so obsessed with greed and
> > >>       unwilling to share his good fortune, I sealed the
> > >>       wall so he  wouldn't find it.
> > >>
> > >>       "Then last night as we slept in the farmers bed, the
> > >>       angel of death came for his wife.
> > >>       I gave him the cow instead.
> > >>
> > >>       "Things aren't always what they seem."
> > >>
> > >>       Sometimes that is exactly what happens when things
> > >>       don't turn out the way they should.  If you have
> > >>       faith, you just need to  trust that every outcome is always
> > >>       to your advantage.  You might not know  it until some
> > >>       time later...
> > >>
> > >>                                                Oooo
> > >>                             Some people       (    )
> > >>                          come into our lives   )  /
> > >>                           and quickly go..    (_ /
>
>
>
>
> > >>
> > >>                                         oooO
> > >>                                        (    )   Some people
> > >>                                         \  (    become friends
> >                                               and stay awhile.
> >
> >                              \_)
>
>                                leaving beautiful      Oooo
>                                footprints on our      (    )
>                                hearts..                )  /
>
>                                                       (_/
> > >>                                          oooO
> > >>                                         (    )   and we are
> >                                        \  (   never quite the
> > >>                                                 same because we
>                                                \_)   have made a good
> > >>                                                 friend !!
> >                                                        >>
> >                                         >>
> > >>       Yesterday is history.  Tomorrow a mystery.
> > >>       Today is a gift.  That's why it's called the
> > >>       present!
> > >>       I think this is special...live and savor every
> > >>       moment...
> > >>       This is not a dress rehearsal!
> > >>
> > >>                             (\       /)
> > >>                             ( \  _  / )
> > >>                             (  \( )/  )
> > >>                             (   / \   )  TAKE THIS LITTLE ANGEL
> > >>                              (  \ /   )   AND KEEP HER CLOSE TO
> >                                         YOU
> > >>                               /      \    SHE IS YOUR GUARDIAN
> >                                         ANGEL
> > >>                              (        )    SENT TO WATCH OVER YOU
> > >>                               ~~~~~~~~
> > >>       THIS IS A SPECIAL GUARDIAN ANGEL... YOU MUST PASS
> > >>       THIS
> > >>
> > >>       ON TO 5 PEOPLE  WITHIN THE HOUR OF RECEIVING
> > >>       HER..AFTER YOU DO MAKE A WISH....IF YOU HAVE PASSED HER ON,
> > >>       YOUR WISH WILL BE GRANTED AND SHE WILL WATCH OVER
> > >>       YOU FOREVER....
> > >>       IF NOT..HER TEARS WILL FLOW AND NO WISHES WILL BE
> > >>       GRANTED....
> > >>      Now don't delete this message, because it comes
> > >>       from a very special angel.
> > >>
> > >>       Right Now -
> > >>
> > >>       -somebody is very proud of you.
> > >>       -somebody is thinking of you.
> > >>       -somebody is caring about you.
> > >>       -somebody misses you
> > >>       -somebody wants to talk to you.
> > >>       -somebody wants to be with you.
> > >>       -somebody hopes you aren't in trouble.
> > >>       -somebody is thankful for the support you have provided.
> > >>       -somebody wants to hold your hand.
> > >>       -somebody hopes everything turns out all right.
> > >>       -somebody wants you to be happy.
> > >>       -somebody wants you to find him/her.
> > >>       -somebody is celebrating your successes.
> > >>       -somebody wants to give you a gift.
> > >>       -somebody thinks that you ARE a gift.
> > >>       -somebody hopes you're not too cold, or too hot
> > >>       -somebody wants to hug you.
> > >>       -somebody loves you.
> > >>       -somebody admires your strength.
> > >>       -somebody is thinking of you and smiling.
> > >>       -somebody wants to be your shoulder to cry on.
> > >>       -somebody wants to go out with you and have a lot of fun.
> > >>       -somebody thinks the world of you.
> > >>       -somebody wants to protect you.
> > >>       -somebody would do anything for you.
> > >>       -somebody wants to be forgiven.
> > >>       -somebody is grateful for your forgiveness.
> > >>       -somebody wants to laugh with you.
> > >>       -somebody remembers you and wishes that you were there.
> > >>       -somebody is praising God for you.
> > >>       -somebody needs to know that your love is unconditional.
> > >>       -somebody wants to tell you how much they care.
> > >>       -somebody wants to share their dreams with you.
> > >>       -somebody wants to hold you in their arms.
> > >>       -somebody wants YOU to hold them in your arms.
> > >>       -somebody treasures your spirit.
> > >>       -somebody wishes they could STOP time because of you.
> > >>       -somebody praises God for your friendship and love.
> > >>       -somebody can't wait to see you.
> > >>       -somebody loves you for who you are.
> > >>       -somebody loves the way you make them feel.
> > >>       -somebody wants to be with you.
> > >>       -somebody wants you to know they are there for you.
> > >>       -somebody's glad that you're his/her friend.
> > >>       -somebody wants to be your friend.
> > >>       -somebody stayed up all night thinking about you.
> > >>       -somebody is wishing that you noticed him/her.
> > >>       -somebody wants to get to know you better.
> > >>       -somebody wants to be near you.
> > >>       -somebody misses your advice/guidance.
> > >>       -somebody has faith in you.
> > >>       -somebody trusts you.
> > >>       -somebody needs you to send them this letter
> > >>       -somebody needs your support.
> > >>       -somebody needs you to have faith in them.
> > >>       -somebody will cry when they read this.
> > >>       -somebody needs you to let them be your friend.
> > >>       -somebody hears a song that reminds them of you.
> > >>
> > >>       SOMEBODY NEEDS YOU TO SEND THIS TO THEM.
> >
> ________________________________________________________________________
> Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com
>
>
>
>
> --------------87F48CBEE9FA82F236F507C0--


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From: "John Suttle" <John.Suttle@enron.com>
To: jpeters@andrews-kurth.com
Message-ID: <86256938.00676383.00@notes.ect.enron.com>
Date: Fri, 11 Aug 2000 13:49:12 -0500
Subject: Harvard/Enron ISDA
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---------------------- Forwarded by John Suttle/HOU/ECT on 08/11/2000 01:47 PM
---------------------------

"Diggins, Timothy W." <TDiggins@ropesgray.com> on 08/10/2000 06:22:57 PM

To:   "'jsuttle@enron.com'" <jsuttle@enron.com>, "'jpeters@enron.com'"
      <jpeters@enron.com>
cc:   "Kimberly J. Noble (E-mail)" <noblek@hmc.harvard.edu>
Subject:  Harvard/Enron ISDA

Attached are revised drafts of the proposed Schedule and Addendum, marked to
show changes from the most recent draft you reviewed.  I believe that we
have implemented most of the changes you suggested.

Although I have discussed most of the changes with Kim Noble, she may have
additional or different thoughts.

We are still in the process of reviewing the form of Enron guaranty, and
will come back to you with comments shortly.

We look forward to hearing from you at your early convenience.

Best regards.

 <<81004.DOC>>  <<81005.DOC>>

(See attached file: 81004.DOC)
(See attached file: 81005.DOC)

 - 81004.DOC
 - 81005.DOC


Please  add thaywood@ftenergy.com to the distribution list.  Thank you so
much.

Mike


-----Original Message-----
From: Gay, Randall L.
Sent: Thursday, October 25, 2001 4:22 PM
To: Tholt, Jane M.; South, Steven P.; Lenhart, Matthew; Ermis, Frank; Kuykendall, Tori; Reitmeyer, Jay
Subject: FW: Texas Monthly November 2001: How Enron Blew It

-----Original Message-----
From: Smith, George F.
Sent: Thursday, October 25, 2001 4:16 PM
To: Gay, Randall L.
Subject: FW: Texas Monthly November 2001: How Enron Blew It

-----Original Message-----
From: Lessor, James N.
Sent: Thursday, October 25, 2001 3:18 PM
To: Smith, George F.
Subject: FW: Texas Monthly November 2001: How Enron Blew It

-----Original Message-----
From: Lessor, Mary
Sent: Thursday, October 25, 2001 11:00 AM
To: Lessor, James N.
Subject: FW: Texas Monthly November 2001: How Enron Blew It

-----Original Message-----
From: Patel, Tania
Sent: Thursday, October 25, 2001 10:41 AM
To: Acevedo, Felecia; Aguilar, Christa; Aulds, Sharon; Brown, Aaron (Executive Comp); Bryant, Dana; Butler, Pam; Carrera, Susan; Etienne, Bernadette; Garcia, Susan; Ivy, Jason; Lessor, Mary; Ratcliff, Renee; Shealor, Bob; Skarness, Susan; Ward, Cindy R.; Wright, Teresa
Subject: FW: Texas Monthly November 2001: How Enron Blew It

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