Enron rings opening bell for bandwidth
     exchange
     By Corey Grice
     Staff Writer, CNET News.com
     December 2, 1999, 5:40 p.m. PT

     The opening bell has rung for a new kind of exchange. The currency?
Bandwidth.

     A subsidiary of energy industry giant Enron, Enron Communications, today
opened the
     doors to a bandwidth commodity exchange. The company first announced its
intention to
     sell space on high-speed networks as a commodity in May.

                            Traditional commodity exchanges sell goods like
oil, natural
                            gas and grain. Enron has taken this concept and
given it a
                            telecommunications spin, offering space on
high-speed
                            networks to communications carriers.

                            In the past, carriers looking to fill holes or
service gaps in
                            their networks would have had to enter long-term
contracts
                            with other carriers to fulfill their bandwidth
needs. The
                            exchange, Enron says, acts as a sort of middleman
for
                            carriers to find short-term contracts or quick
fixes as they
                            complete network construction or try to manage
                            heavier-than-expected network traffic.

                            For example, Global Crossing plans to sell
capacity on a
                            high-speed fiber optic link between New York and
Los
                            Angeles over the exchange.

     Enron also expects to start an international bandwidth trading market
next May.

     Separately, RateXchange, a similar bandwidth exchange, demonstrated its
own
     commodities trading system at a telecommunications conference in New
York today.

     RateXchange predicts that the trading of bandwidth and other
telecommunications products
     could become a $8 billion market by 2002.


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Error: dbCaps97Data: Cannot perform this operation on a closed database


Mark and Jeff,

The Paper & Pulp desk has a customer that they would like to put into a three
year financial deal; however, the credit profile of the customer would
require hefty upfront security.  At the same time, they would like to enter
into a contract wherein ENA purchases all of their production (newsprint) at
index prices.  ENA's payable to this company could run to 10MM/ month.  Can
we draft a netting arrangement that would allow us to net the physical and
financial exposures in the event of a default so that the customer would not
be required to post security for the financial deal?  I think we may have
done something along these lines for a couple of Fred Lagrasta's customers.
I am comfortable that the purchase payable will more than offset the
potential financial exposure, but want to ensure that you are comfortable
that the ability to net these two exposures can be assured through a
contract.  Let me know your thoughts.

Thanks,
Tanya


----- Forwarded by Chris Long/Corp/Enron on 04/24/2001 10:39 AM -----

	Lisa Yoho
	04/16/2001 10:14 AM

		 To: Linda Robertson/NA/Enron@ENRON, Lora Sullivan/Corp/Enron@ENRON
		 cc: Chris Long/Corp/Enron@ENRON
		 Subject: Lay / Cheney Talking Points on Steel

Linda-

Attached are the steel talking points for the Lay / Cheney meeting.   I have
made a revision to the one that's in the briefing book.   Lora - please
insert this page.   Thanks.


That's fine, but I still want to know what you are looking for specifically.

 -----Original Message-----
From: 	McClure, Zakiyyah
Sent:	Thursday, October 25, 2001 3:03 PM
To:	Shankman, Jeffrey A.
Cc:	Swinney, John; McIntyre, Burton
Subject:	RE: Limits Report 10/24

Mr. Shankman,

This email was sent to you error.  Please disregard.

Thank you kindly.

Zakiyyah McClure
xt 58146

 -----Original Message-----
From: 	Shankman, Jeffrey A.
Sent:	Thursday, October 25, 2001 1:33 PM
To:	McClure, Zakiyyah
Subject:	RE: Limits Report 10/24

what are you looking for specifically?

 -----Original Message-----
From: 	McClure, Zakiyyah
Sent:	Thursday, October 25, 2001 12:41 PM
To:	Paddack, Donald; Bennett, Joel; Bruce, Michelle; Earnest, Scott; Fondren, Mark; Hagelmann, Bjorn; Harding, Jason; Jackson, Lee; LeBroc, Christian; Najafov, Vusal; Nowlan Jr., John L.; Price, Brent A.; Shankman, Jeffrey A.; Sharma, Shifali; Swinney, John; Trevino, Susan
Subject:	RE: Limits Report 10/24

Please provide conversion factors for each of these curves.  Please resend upon completion.

Zakiyyah
xt 58146

 -----Original Message-----
From: 	Paddack, Donald
Sent:	Thursday, October 25, 2001 11:54 AM
To:	Bennett, Joel; Bruce, Michelle; Earnest, Scott; Fondren, Mark; Hagelmann, Bjorn; Harding, Jason; Jackson, Lee; LeBroc, Christian; McClure, Zakiyyah; Najafov, Vusal; Nowlan Jr., John L.; Price, Brent A.; Shankman, Jeffrey A.; Sharma, Shifali; Swinney, John; Trevino, Susan
Subject:	Limits Report 10/24

 << OLE Object: PBrush >>


BUSINESS HIGHLIGHTS

Weather Risk Management
The weather risk management group recently completed two deals. The first one was a four-year rainfall put that offered protection to an agricultural company from lower than normal rainfall levels. The second deal was a rainfall cap with Grubbs Construction Company. This option helps Grubbs shield their increased costs associated with above normal rainfall. Both deals were innovative and unique to these industries. Partho Ghosh was the originator for both transactions.

Enron Industrial Markets
EIM Steel closed 2 transactions with Duferco (an international steel producer having facilities in Belgium, Italy, South Africa and United States). The first transaction is a hedge against 201 with a 100,000 ton long position and 200,000 ton free calls for material already in Pennsylvania.  The second transaction provides a 20-year tolling right for 900,000 tons per year giving EIM Steel access to US Steel products in Western Pennsylvania.

This contract also puts us in the international scene as a slab buyer with a "home" for more than 600,000 tons/year allowing the book to take position of the cheapest commodity (smallest contango) having no shelf life.

IN THE NEWS
Charity gets a time at bat from Enron
By GREG HASSELL (Copyright 2001 Houston Chronicle/October 2, 2001)
When Houstonians gather at Enron Field this week, Barry Bonds' attempt to rack up 71 homers in a single season won't be the only unprecedented feat on display.
Just above the scoreboard that will record any homers Bonds might send screaming out of the ballyard is a sign bearing the United Way logo. It looks ordinary enough, like the dozens of other ads that dot the stadium.
But the last time the Astros played at home, the sign bore the Enron Corp. logo. Late last week Enron donated the sign to United Way, which will get the space through the 2002 season. It's the first time a naming rights sponsor of a modern U.S. stadium has donated a major sign to charity.
According to advertisers familiar with rates at Enron Field, the sign is worth about $500,000 a year. Since Enron maintains a small logo on the sign, the actual value of the gift would be less.
"This tells the world that, as powerful as Enron is, they put a lot of stock in what we do," said Jackie Martin, president of the United Way of the Texas Gulf Coast. "That's beyond the power of dollars. It's priceless."

WELCOME
New Hires
EIM   - Brittany Lothe
ENA  - Carlos Braune, Tey Canacoo, James Monroe, Robert Morris, Lizzette Palmer, Syed Ahmed

NUGGETS & NOTES

CHAIRMAN'S AWARD 2001

Do you have a colleague that deserves to be recognized for their dedication and commitment to Enron's core values - Respect, Integrity, Communication, Excellence?  The 2001 Chairman's Award is your chance to put forward someone you know who really captures the spirit, philosophy and the day-to-day business practices of our company in their work, their attitude and in how they regard their colleagues. All Enron employees can nominate fellow employees at any level - from the top down or bottom up.

The nomination process is simple. Submit a completed nomination form, available on <http://home.enron.com> by Wednesday October 10, 2001. The award winner and finalists will be announced at the annual Enron Management Conference in San Antonio, Texas on November 16, 2001.

EnronOnline Figures
Below are the latest figures for EnronOnline as of October 1

?	Total Life to Date Transactions > 1,500,000
?	Life to Date Notional Value of Transactions > $841 billion

Enron Wholesale Services Best Practice Tips
United Parcel Service (UPS) to Offer In-bound Freight Services
The Enron/UPS agreement will be enhanced to include in-bound shipments into Houston and other destinations supporting Enron business activities. There will be significant additional savings by incorporating these additional volumes.
For more information on this contract, contact Glenn Lewis (GSS) at 713-646-7512.
UPS is Enron's preferred vendor for express deliveries.

INFORMATION TOOLS YOU CAN USE

eBiz
For news you can really use, click on the eBiz link below to catch up on the latest stories from around the globe.  Latest edition:

New York & Washington , DC -- find out how our New York and DC colleagues coped during the recent attacks on their cities.
California Update  -- despite the terrorist tragedies, California continued to deal with its energy crisis - catch up on the latest in the CA energy debate.

http://home.enron.com/pubs/ebiz/issues/082401/

ETHINK - ETHINK.ENRON.COM
ethink@enron.com
eThink is a very cool online internal communication and business tool available to you and Enron employees worldwide. The three applications currently on the site include:
eSpeak - Scheduled interactive Q&A sessions hosted by Enron leaders and innovators (and sometimes external celebrities) who answer questions submitted by employees across the globe. The site crosses international boundaries by allowing pre-submission of questions for those on different time zones - or anyone who is unable to make the live event - and access to transcripts 24 hours a day after an event.
eMeet - Interactive bulletin-board like forum, open 24/7, where you can exchange information and build knowledge communities. If you submit a question, comment or new topic, you will be automatically emailed when people respond.
The ThinkBank - Creativity and collaboration clearinghouse that includes an idea vault where you can deposit your well-developed business ideas. There also is a resource library and a "Good Sense" tips and techniques section on creativity and teamwork.

Houston's ETV
Are you interested in running a segment?  Contact Courtney Votaw, Internal Communications
X 3-9390, Questions about ETV?  Send them a note at etv@enron.com.

NEWS FROM THE GLOBAL FLASH

Enron's Cross-Selling Initiative Starts to Pay Off
A major cross-selling initiative within Enron Europe is becoming increasingly successful, as more and more customers are encouraged to broaden their relationship with the company to increase the number of commercial opportunities.

The initiative is being co-ordinated by Bob Manasse, Vice President Origination, EES Europe, and aims to maximise business relationships, develop multiple transactions and increase revenue with a single customer.

"The co-operation of the various Enron teams involved so far has been very positive and the work we've done with Pirelli (Ed. - see our second last edition of GlobalFlash!) is a good example of what we're able to achieve with cross-selling, " said Bob. "Pirelli had an existing relationship with Enron through the metals group and as that relationship has flourished, we've been able to secure plastics trades and a three-year EES deal for energy efficiency projects, with a right-to-match supply contract in Italy and the UK."

Pirelli is now discussing further opportunities with EnronOnline and Enron Credit. Similarly, Abbey National has agreed a deal with Enron Credit and is now discussing  potential deals with EES and the weather desk.

Other big names Enron is targeting include: Siemens (discussions with EBS, EES, Enron Credit, EnronOnline, Enron Petrochemicals and Plastics, Enron Pulp and Paper), British Airways (discussions with EBS, EES, Enron Credit, renewables team, weather desk), Ford (discussions with EES, renewables team) and Safeway (discussions with EES and weather desk).

Work is also being done with the Global Sourcing Group to improve cross-selling by leveraging the existing relationships Enron has with its suppliers. For further information on cross-selling opportunities or ideas, please contact Bob Manasse (ext 34963) or Stephanie Hess (ext 34237).

Enron closes 6 year coal management deal in the UK with British Energy Plc.
The innovative six-year deal provides total outsourcing of Eggborough's coal supply requirements. As part of this agreement, Enron will manage all of British Energy's existing contracts with UK coal mines (6 million tonnes) as well as provide an additional 3 million tonnes of international coal supplies. The virtual assignment of British Energy's contracts to Enron gives the UK coal team total operational flexibility in the form of weekly call and put options on all UK tonnes for the duration of the agreement.  In addition to taking advantage of quality and geographical basis spreads made possible by this arrangement, it will also add significant volumes to  Enron's growing rail transportation business. Stuart Staley captured the feeling of the coal team with the words "this is a business transformer".

Congratulations to Riaz Rizvi, John Moran, Tiffany Cochran, Paddy Thuraisingham, Robert Quick, Paul Maley, Hector Godoy, Anastasia Karabatsos and the whole coal and freight team.

Enron's Shipping Freight desk supports Enron Metals with first freight deal
In a pioneering example of cooperation between two Enron groups, Enron's Freight trading desk in London has chartered a Handysize vessel for Enron Metals in Sydney to move 25,000 tonnes of alumina from Bunbury, Australia to China over a 30 day period.  "The advantage to the Metals group is that we can move an important cargo for one of our clients without letting the competition know we're doing it," explains Max Sobol, the Enron Metals trader, based in the Sydney office.   Michael Schoenig, based on the Freight desk in London, managed the port-to-port logistics for the cargo and adds:  "We were very pleased to be able to demonstrate our expertise in this fast-growing area of Enron's business.  We'd also be glad to speak to other groups within Enron who need to move freight around the world too."

Greece Power Licence Awarded
Congratulations to our South Eastern European team! The Greek Regulatory Authority for Energy (RAE) has announced that it will grant an electricity power trading licence to Enron's Greek subsidiary Enron Power MEPE. The five-year licence, which takes effect from October 1, 2001, allows Enron to approach customers consuming more than 100GWh of electricity up to a combined total peak capacity of 350MW.

ATEL, CINERGY and ENEL were the only other successful recipients in this first-ever round of licences to be granted to external parties. Electricity will be imported through Greece's northern borders and via the new submarine Italy/Greece interconnector when it comes online at the end of 2001.

Cefn Croes Windfarm Project Clears Local Planning Hurdles
Enron Wind has cleared the final local planning hurdle with Ceredigion County Council in relation to its plans for a ?35 million windfarm at Cefn Croes in Wales. The council's planning committee had voted in favour of the windfarm itself but had reservations about the separate application for overhead power lines to connect the development to the National Grid. Joint developers Enron Wind and the Renewable Development Company revised and resubmitted their plans, winning the approval of councillors who voted 14 - 5 in favour of the new scheme.

The final decision on both applications will be made by the Department of Trade and Industry. The Cefn Croes windfarm, 16 miles outside Aberystwyth, would have an output of 58.5 megawatts from 39 turbines, and supply around one per cent of Wales's electricity.

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries.  It is intended for internal use only and should not be disclosed.

<Embedded Paintbrush Picture>


----- Forwarded by Mark Taylor/HOU/ECT on 07/17/2000 10:32 AM -----

	GILBERGD@sullcrom.com
	07/14/2000 02:18 PM

		 To: mark.taylor@enron.com
		 cc: RAISLERK@sullcrom.com
		 Subject: Direct Access

As we discussed, the following is revised disclosure regarding direct access
to deal with the cost issue:

EnronOnline will assist users, upon request, in arranging for the connection
of "T1" lines or other means of direct access to EnronOnline, as an
alternative to internet access.   Direct access connections might enable
users to access EnronOnline more quickly than is currently possible through
internet access.

Please call if you want to discuss.  Have a good weekend.

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

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


Team,

I've started the project and am still trying to figure out exactly what our
dear
prof. is looking for.  My guess is that the assignment is a review how the
ROA
ratios would change or have changed when one takes into account various
one-off
charges, restructurings, accounting changes, and off-balance sheet items.
I'm
in LA tomorrow and will send you all my work tomorrow night.  I suggest that
everyone take a crack at reviewing the data and coming with your own
insights.
One person should be responsible for bringing it all together.  Any
volunteers?

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax

____________________Reply Separator____________________
Subject:    First Write-Up due for Financial Information Analysis
Author: "Sama; Anil" <SMTP:anil.sama@intel.com>
Date:       01/31/2001 12:35 AM

Hey Guys,

Just sat down to read about the first write up that is due
this Thursday, and realized that this is supposed to be a
group assignment!!  Ooops - I had no idea... Did you ;-)
Anyone read the case and/or taken a crack at it? Should
we try and co-ordinate a conference call?

Carolyn is out for the week and excused from the
assignment - just had a baby girl last Fri!!
Jeff, did you hear from teacher if OK to join ?

-Anil


Steve,

I mentioned that my brother, an attorney in New York, is active in state
politics and might be a useful contact in the state. I'm following up with
this note to let you know a bit more about him.

Larry Mandelker is a partner with Kantor, Davidoff Wolfe Mandelker & Kass in
New York City. He is outside counsel to the Republican State Committee and
represented Bill Powers when he recently joined the Crane Group in Albany.
Larry works closely with the Crane Group's legal operation, Crane Green &
Parente, in many state matters.

There's another reason why I thought to mention Larry. He currently
represents Sunset Energy Fleet, a company managed by Jerry Montrose, which is
negotiating to win state permits for barge-mounted generation off of Brooklyn
as well as gas supply contracts. He knows exactly what the power industry
faces in New York.

If anyone would like to contact him, I'll forward that person's name to him.
I'll give you his telephone number, too --
212-682-8383 x 30 -- if you'd like to file it away.

Please let me know if there's any additional information you'd like to see.

Take care,
Jeannie


Tomorrow is the first Thursday of the month and time for the Bayou City
Tigers to meet. Join us at Arcadoro's from 6:00 PM to 7:30 PM to socialize
with other Mizzou grads. The food is great and the company cannot be beat!
The address is 5000 Westheimer. This is the corner of Westheimer and Post
Oak (the NW corner of the intersection). It is located below Morton's
Steakhouse and valet parking is complementary.

If you need further directions or have any questions about our get
together, please feel free to check out the web site at
http://users.netropolis.net/bayoucitytigers/ where you can locate
information on our chapter and its activities.

The Bayou City Tigers will have a new location for Casual Conversations in
January and a different day of the month. A Founder's Day celebration in
February in concert with a Watch Party. We want to invite prospective new
Mizzou students as well. If you need information, please feel free to call
any of the Board of Directors (phone numbers are on the web site) or email
me. We will do a mailer as well but ask for your help in calling all of
the alumni in our area to get the word out.

A suggestion or feedback is always welcome. Hope to see you Thursday.

Bob Hanson, BSBA '75
mutigers@swbell.net

This message is brought to you by the MU Alumni Association in an effort
to better inform our alumni of Mizzou events.

If your address has changed or you prefer not to receive email
notifications, please contact the MU Alumni Association at
muaa@mizzou.com or (800) 372-6822.

Become a registered user of the MU Alumni Association website. Only MUAA
members may register to access our online directory, post class notes and
business cards. Register now at: http://www.mizzou.com/firsttimeuser.htm


Tom,

Production commenced to flow as stated below; please create a base load
ticket in sitara based upon the following information:

Counterparty   Meter no. Volumes  Price     Period

Union Gas Corp.  9827  3,000mmbtu/d  100% Gas Daily less $0.10  3/9-3/31

Cico Oil & Gas Co.  9828  1,200mmbtu/d  100% Gas Daily less $0.095  3/15-3/31

Thanks,

vlt
x3-6353


If Reliant is interested in filing, we should seriously consider using EPSA.  Reliant is a member of EPSA.  We could get EPSA to work through Larry Robertson maybe.

Let's discuss next week in Houston.

Jim

 -----Original Message-----
From: 	Lawner, Leslie
Sent:	Tuesday, October 30, 2001 1:58 PM
To:	Perrino, Dave; Steffes, James D.; Kaufman, Paul
Cc:	Nord, Sue
Subject:	RE: ACC/APS "Request of APS for a Partial Variance to AAC R14-2-1606(b)....

We should think about it but I wonder if there relation with their utility won't ultimately color the positions they are willing to take.  Let me find out when interventions are due, and we can perhaps discuss it next week in Houston.  We can always intervene separately and then file more substantive comments, etc. jointly.  Jim/Paul, do you want me to call Larry Robertson (AZ counsel) to see if he is available to work on this matter for us?

 -----Original Message-----
From: 	Perrino, Dave
Sent:	Tuesday, October 30, 2001 12:11 PM
To:	Lawner, Leslie; Steffes, James D.; Kaufman, Paul
Subject:	FW: ACC/APS "Request of APS for a Partial Variance to AAC R14-2-1606(b)....

Leslie,

I had sent a question to my contact in Reliant, it would seem that Reliant is working on an intervention, is this something we would want to join in with?

As for FERC, in the filing APS I read Commission to mean FERC, when it really was referring to the ACC.

Jim,

Based on your comment, is your concern that if we do intervene and are successful, then APS would find any reason imaginable NOT to do business with Enron?

Thanks,

Dave

 -----Original Message-----
From: 	dwoodfin@reliant.com@ENRON
Sent:	Tuesday, October 30, 2001 6:38 AM
To:	Perrino, Dave
Subject:	Re: ACC/APS "Request of APS for a Partial Variance to AAC R14-2-1606(b)....

is this the "we don't think there is enough wholesale competition in AZ to
allow retail competition to occur, so we "are willing" to let the retail
customers in AZ to buy our merchant plants with an 11% return" filing?  I
am not involved , but I understand we have a  high level group that is
working on a response to APS' ludicrous filing and will be lobbying at the
ACC and AZ legislature on this one.  It is simply uncomprehensible how APS
could think that it makes sense to make such a filing in the same state
whose commission staff seems to think that there is too much merchant
generation being built.

"Perrino, Dave" <Dave.Perrino@enron.com> on 10/29/2001 06:05:07 PM

To:   <dwoodfin@reliant.com>
cc:

Subject:  ACC/APS "Request of APS for a Partial Variance to AAC
      R14-2-1606(b)....

Dan,

Are you familar with this document?  I have just gottne a copy and it
proves how much contempt APS has for deregulation.  Some of the
statements this document contain are unbelievable...If you have any
insights to this I'd be interested in talking to you about this.

Thanks,

Dave

P.S., I hope all went well with your surgery.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or
reply to Enron Corp. at enron.messaging.administration@enron.com and delete
all copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/30/99
03:47 PM ---------------------------

Shan Millie <shan@risk.co.uk> on 12/17/99 09:05:07 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject:

Hi.

I hope you got my message. Rob (if you don't know) has been "swiped" by Risk
to edit one of the new newsletters - Risk Management Operations - and so no
longer works with Books. We were very sad to see him go, but it is a great
opportunity for him and nice to see some intelligent internal promotion for
a change! Was there anything in particular you needed, Vince? Just to say
also that the energy titles (especially MEPR2) have received some excellent
reviews at contingencyanalysis.com which may interest you. Rob may have
mentionned the Utility Risk title we'd like to publish next year; any views
on that from you would be welcome, obviously. Let me know if and when you're
around and we can catch a coffee.

In the meantime, I hope you and your family have some good quality holiday
time. Best regards, as always. Sh?n
Sh?n Millie
Risk Books
28-29 Haymarket
London SW1Y 4RX
tel: +44 (0)171 484 9740
fax: +44 (0)171 484 9758
e-mail: shan@risk.co.uk
www.riskpublications.com


---------------------- Forwarded by Michael Burke/Houston/Eott on 03/01/2000
08:16 AM ---------------------------

Steve Duffy
02/29/2000 02:16 PM
To: Susan Ralph, Bob Jacobs, Scott Clark/Bakersfield/Eott@Eott, Michael
Burke, Gary Fuller/Bakersfield/Eott@Eott, Dana Gibbs, Lori
Maddox/Houston/Eott@Eott, Cutty Cunningham/Houston/Eott@Eott, Mary Ellen
Coombe/Houston/Eott@Eott, Walt Zimmerman, Mike Frank/Houston/Eott@Eott, Molly
Sample, Edward Attanasio
cc: Scott Vonderheide/Corp/Enron@Enron

Subject: California Truck Wreck on 2/28 Involving Cummings and an Ex-EOTT
Driver; CONFIDENTIAL AND PRIVILEGED ATTORNEY/CLIENT COMMUNICATION AND
ATTORNEY'S WORK PRODUCT

I believe most of you have seen the background/facts on this unfortunate
accident in which (1) an ex-EOTT employee (Hildebrand) was killed and (2) a
tank load of crude oil was emptied into a California river.  The oil belonged
to Tosco.  We had/have a contract to haul this oil for Tosco and were
performing through Cummings.  We outsourced our crude oil hauling function in
California to Cummings and other companies last year, and many of our former
crude drivers went to work for Cummings and these companies.  The oil has
gone into navigable waters and has reached the Pacific Ocean (during spawning
season).  This incident is on the front page of today's L.A. Times Metro
Section. ACCORDING TO ED ATTANASIO,  NEITHER EOTT NOR ENRON IS MENTIONED IN
THE TIMES COVERAGE.  It is quite possible that Tosco will seek indemnity from
us (in connection with this incident) under the terms of our hauling contract
with them.   The liabilities here for Tosco could be very significant.  Ed
Attanasio is monitoring this situation closely.

  We need to be sensitive to this situation for a number of reasons.  Someone
may tie EOTT or Enron to this incident, for the reasons above, and because of
the L.A. Times exposure, we could receive media calls about this matter.
Scott Vonderheide has been alerted in this regard.  At this juncture, we need
to decide where to refer any calls we receive on this matter.  Until further
notice, I would advise that any and all such calls be referred to Cutty
Cunningham .  Cutty, I think your response to any such calls should be that
we did not own the truck or the oil, or employ the driver.  We should
otherwise state that we are investigating the matter and have no further
comment at this time.  Also, Lori and Molly,  we will need to decide very
soon whether this matter will have any 10K significance. At the appropriate
time, we should see what Baird thinks.  We will look to Cummings and their
insurance carriers  to indemnify us----and be responsible for any claims
against us by Tosco-----but we are still trying to ascertain the value of any
such indemnity from Cummings and/ or its carriers. We don't have enough
information at this time to speculate on the magnitude of any exposure we may
have in this matter.  Ed Attanasio needs to confer with Susan Ralph and
advise on this ASAP.  Please advise if there are any questions. Thanks.  SWD


Notice No. 01-77
March 5, 2001

TO:
All COMEX Division Members/Member Firms
All COMEX Division Clearing Members
All COMEX Division Floor Traders
All COMEX Division Operations Managers

FROM:
Michael Campanelli, Vice President
Floor Operations, COMEX Division

RE:
Options Expiration Operational Procedures for the Trading Floor and Clearing
Members
______________________________________________________________________________

The expiration date for the April 2001 options contract for Silver (SO J01)
and Gold (OG J01) is Friday, March 9, 2001.

 GENERAL OPERATIONAL PROCEDURES

All Clearing Members and Qualified Floor Traders that carried an options
position as of the close of business day prior to the expiration day, or
engaged in trading activity on Expiration Day in the expiring options
contract will be required to have a knowledgeable, duly authorized on-line
trade entry (&OLTE8) system trained representative available until released
by the Exchange staff.  All adjustments  and/or corrections, must be
accompanied by relevant supporting documentation prior to being incorporated
into expiration processing.  In essence, making the expiration processing an
extension of the afternoon trade resolution procedures.

Exchange Clearing (299-2110) and Trade Processing (299-2465 and 299-2044)
personnel will be available to assist with the processing of notices of
Exercise and Abandonment, position transfers, trade corrections and other
questions or problems you may have.

Failure by any Clearing Member or qualified Floor Trader to comply with
procedures as outlined herein may result in severe disciplinary action by the
Exchange and potential financial liability to customers or members for
failure to exercise diligence in the processing of information.

 TRADING FLOOR OPERATIONAL PROCEDURES

Trading in the April 2001 Silver and Gold Options Contracts will cease at
2:25 P.M. and 2:30 P.M. respectively on March 9, 2001.  All Brokers and
Traders must inform their Clearing Members of their intentions to exercise or
abandon such Options by 4:00 P.M.

On Friday, March 9, 2001, all Brokers and Clearing Members must have a duly
authorized, On-Line Trade Entry (&OLTE8) system trained representative
available until such time as the Exchange deems necessary.

NOTE: After 4:30 P.M. all expiring option trade data must be inputted on
special &OLTE8 terminals located in the Trade Processing Room. Any other
means of submission will be rejected by the Exchange.  Members will be able
to submit all other trade data until 5:00 P.M.

After the UTR and the Preliminary Spot Month Matched Trade Reports are
displayed, Clearing Member representatives will be able to pick up their
Preliminary Clearing reports at the Clearing Department.

A final review of all submissions will be made, the Supervisor of the Trade
Processing Room will detain only those Clearing Members and/or Broker
representatives involved.  All final corrections will be made at this time
and upon determination of the Supervisor that all option processing is
complete, all representatives will be released.

Exchange Reports based on Friday,s submissions and processing will be
available on Monday morning March 12, 2001.

In the event that you have any questions regarding the foregoing trading
floor procedures please contact Michael Campanelli at (212) 299-2072 or David
Sherman at (212) 299-2061.

CLEARING DEPARTMENT OPERATIONAL PROCEDURES

1. OPEN POSITION CONFIRMATION (&OPC8) - The OPC should reflect as accurately
as possible all futures and options gross positions as of close-of business
on the business day prior to expiration.  Review the estimated current gross
positions as shown and make appropriate adjustments.  The OPC must be
submitted not later than 9:00 AM.

2.   OPTIONS EXERCISE/ABANDONMENT REQUEST FORM (&E/A8) - An expiring option
with a strike price in-the-money by one tick or more will be subject to
automatic exercise unless an Option Abandonment Request form is submitted
advising that a Clearing Member (&CM8) elects to abandon some or all of its
position in that strike price (i.e., for the option series).  All other
options series in the expiring month will be subject to automatic abandonment
unless an Option Exercise Request form is submitted.  When submitting an E/A
form, please note the following:

(a) An E/A form must be submitted not later than 5:00 PM.
(b) Do not submit an Exercise form for positions in strike prices, which are
subject to automatic
Exercise nor submit an Abandonment form for positions in strike prices, which
are subject to automatic abandonment.
(c) If a CM wishes to submit an E/A form to abandon a position in a strike
price subject to automatic exercise or wishes to exercise a position in a
strike price which is out of the money, it is necessary to notify Clearing by
telephone of such anticipated action.  The CM must have an officer available
to confirm such intention.
(d) CMs may secure from Clearing a time-stamped receipt of the CM copy to
assure submission  of the CM,s E/A forms.

3. OPTION POSITION REDUCTION REQUEST FORM (&OPRR8) - As a general rule,
purchases and sales of option contracts are presumed to be new business.   If
some or all of your purchases and sales are in fact undertaken for position
liquidation purposes, OPRR forms may be submitted on the day of expiration
and will be used in conjunction with trade data to reduce your projected
position in an expiring contract.  OPRR requests in excess of actual traded
volume will be rejected.  Exception: Cabinet trades and cancel correction
trades will automatically liquidate existing positions, therefore do not
submit an OPRR form for cabinet or cancel correction trades.
The OPRR form must be submitted not later than 5:00 PM.

4. HOUSE/CUSTOMER POSITION TRANSFER REQUEST FORM (&H/C8) - H/C forms may be
used only to transfer previously cleared contracts between a CM,s house and
customer accounts. Problem trades (those which have not cleared prior to
expiration day), must be corrected using COMEX,s on-line trade entry system
under the direct supervision of the Trade Audits Department of COMEX (&Trade
Audits8).  The H/C form must be submitted not later than 3:30 PM.

5. EX-PIT POSITION TRANSFER REQUEST FORM (&Ex-Pit8) - Ex Pit forms may be
used only to transfer previously cleared contracts between CMs.  Problem
trades (those which have not cleared prior to expiration day), must be
corrected on the on-line trade entry system under the direct supervision of
Trade Audits.  The Ex-Pit form must be submitted not later than 3:30 PM.

 *****
A) At approximately 4:15 PM, two PRELIMINARY reports of the expiration
process will be available for distribution at the Nymex Clearing Department:

1. OPTION EXPIRATION REPORT AND CONFIRMATION - The purpose of this report is
to project the CM,s present position going into the expiration based upon the
transactions which have already been submitted to Clearing.  CMs should
review and modify their adjusted gross positions as of close-of-business on
the business day prior to expiration.  Further adjustments may be submitted
not later than 5:00 PM.  The projected ending gross positions will reflect
transactions accepted or rejected for clearance on expiration night,
inclusive of Ex-Pit, H/C and OPRR transactions which have been submitted to
Clearing prior to 3:30 PM, and trade information submitted to COMEX prior to
3:45 PM.  Normally, this report will also reflect manually submitted Exercise
and Abandonment instructions, the projected number of exercises and maximum
potential assignments for each strike price, the type of exercise (manual or
automatic), whether the strike is In, At or Out of the money, and the
exercise val!
ue!
 associated therewith based on settlement prices established by COMEX on the
day of expiration.

2. TRANSACTION LISTING - This listing will include in detail all expiring
option trades submitted to COMEX prior to 3:45 PM on expiration day, and all
H/C, ExPit, OPRR and E/A transactions submitted to Clearing Prior to 3:30 PM.

Please note: Trade information reflected on the option expiration report and
transaction listing are trades submitted only. To inquire whether trades have
matched, each CM must review the trade reports provided by COMEX,s On-Line
Trade Entry (&OLTE8) system.

B) At approximately 5:30 PM, FINAL reports of the expiration process,
including all submissions to Clearing and trade information submitted to
COMEX made by 5:00 PM, will be available for distribution at the Nymex
Clearing Department.

C) At 5:45 PM, Preliminary In The Money Abandonment and Out Of The Money
Exercise information will be announced on Fast Facts.

D) At Approximately 7:30 PM, a Final Notice of Exercise/Assignments will be
available in each CM,s lockbox located at the Nymex Clearing Department.
Each CM, which has exercised or been assigned one or more options will
receive a separate statement showing exercises and/or assignments for each
option series.  Please check this statement carefully.  Although long options
positions in-the-money by one tick or more will be automatically exercised,
not all short option positions will be assigned if there are any options
manually abandoned at such strike prices.  Please note that there also may be
some at or out-of-the money options being exercised.

E) At approximately 9:00 PM, the final set of clearing sheets will be
available in each CM,s lockbox located at the Nymex Clearing Department.

It is strongly recommended that each CM have a representative(s) that is
properly trained to handle the option expiration process available beginning
at 4:15 PM and who will receive the CM=s reports at the specific times.  It
is solely the responsibility of the CM to review these reports and to notify
the Clearing staff immediately of any discrepancies.

To obtain the exact time of the availability for each report, clearing
members should call (212) 513-7405, access code 702.  The announcement time
will occur
 hour prior to availability.

Attached please find a Clearing Member Procedure Summary for ease of
reference.  Please contact John Ramos at (212) 299-2142 (Members 001-500) or
Mel Garcia at (212) 299-2144 (members 501-999) if you have any questions.
OPTION EXPIRATION PROCESSING CLEARING MEMBER PROCEDURE SUMMARY

Time: 3:30 PM
Activity: Expits, H/C transfers, Option Position Reduction and
Exercise/Abandon notices
Event: Submission to Clearing cutoff time.
Notes: Final cutoff for Expits and H/C tranfers

Time: 3:45 PM
Activity: Call Fast Facts to obtain availability time of Preliminary Option
Expiration Reports.
Event: Fast Facts notice of Availability

Time: 4:15 PM
Activity: Preliminary option expiration reports available to clearing members
at NYMEX Clearing Department

Time: 5:00 PM
Activity: Options Position Reduction, Exercise/Abandon notices and Gross
Position Adjustments
Event: Submission to Clearing Cutoff Time
Notes: Final cutoff for Option Position Reduction, Exercise/Abandon notices
and Gross Position Adjustments

Time: 5:05 PM
Activity: Call Fast Facts to obtain availability time of Final Preliminary
Option expiration Reports
Event: Fast Facts notice of Availability

Time: 5:30 PM
Activity: Final Preliminary option expiration reports available to clearing
members at NYMEX Clearing Department.

Time: 5:45 PM
Activity: Call Fast Facts to obtain Preliminary In the Money Abandonment and
Out of the Money Exercise Information
Event Fast Facts notice of information
Notes: New Event

Time: 6:00 PM
Activity: Corrections to previously Submitted Adjustments or Notices
Event: Correction period cutoff time (30 minutes after final preliminary
report is distributed)
Notes: Final cutoff for corrections

Time: 7:00 PM
Activity: Call Fast Facts to obtain availability of final expiring option
position and Exercise/Assignment report
Event: Fast Facts notice of Availability

Time: 7:30 PM
Activity: Final expirating options position and Exercise/Assignment report
available in clearing member's lockbox at NYMEX Clearing Department

Time: 8:30 PM
Activity: Call Fast Facts to obtain availability of final clearing reports.
Event: Fast Facts notice of Availability

Time: 9:00 PM
Activity: Final clearing reports available in clearing member's lockbox at
NYMEX Clearing Department.

Please contact John Ramos at (212) 299-2142 (Members 001-500) or Mel Garcia
at (212) 299-2144 (members 501-999) if you have any questions.

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

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(01-77)"

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


You're mentioned, glowingly, in this.  It works on real player just fine.

Mark
----- Forwarded by Mark Palmer/Corp/Enron on 06/12/2001 01:18 PM -----

	James D Steffes
	06/12/2001 01:00 PM

		 To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON
		 cc:
		 Subject: An Energy Company That Knows How to Deal With Government

FYI.

Jim
---------------------- Forwarded by James D Steffes/NA/Enron on 06/12/2001
12:59 PM ---------------------------

"Jerry Bowyer" <jerrybowyer@home.com> on 06/12/2001 11:14:09 AM
To: <jerrybowyer@home.com>
cc:

Subject: An Energy Company That Knows How to Deal With Government

Harvard Business School,s Michael Watkins says that among large companies,
Enron is the best at dealing with government, on WPTT radio.

The interview can be heard by clicking on one of the links below.

Winning the Influence Game: http://www.jerrybowyer.com/audio.php?id=145 for
RealPlayer, 5
 minutes.
Winning the Influence Game: http://www.jerrybowyer.com/audio.php?id=146 for
Windows Media Player

Feel free to share this information with anyone on your list, or anyone who
may be interested.

To listen to other Jerry Bowyer interviews from The Jerry Bowyer Program,
Pennsylvania Newsmakers or Focus on the Issues visit
www.jerrybowyer.com/audio.php.

Thanks for listening.

Jerry Bowyer
The Jerry Bowyer Program on WPTT radio in Pittsburgh, 1360am
Pennsylvania Newsmakers around the state on broadcast and cable television
Focus on the Issues on Cornerstone Television
412.771.2282 phone
412.771.2363 fax
jerrybowyer@home.com


This warning is sent automatically to inform you that your mailbox is approaching the maximum size limit.
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it's either in the blazer......or at the house........or in your
purse.............    I have the access card   in  the my card.....


Hi Anne!

Thank you for your reply.  Enron is delighted to be a part of the Wharton
Business Plan Competition!

First, our assistant in the University Affairs Group, Melinda McCarty, will
provide you with our logo.

Enron would definitely like to be Judge in Phase III and Participate in the
Venture Fair, including the display table.

As to the mentoring and University community program, let;s discuss that
further so I can better judge our way forward.

After I've had the chance to discuss all of this with our entire University
Affairs and Wharton team here at Enron, you and I can get together to plan a
more difinitive participatory strategy for Enron.  I will call you next week.

Again, we at Enron are very enthusiastic about participation with Wharton in
this mutually interesting endeavor.!

Best regards!

--Christie.
---------------------- Forwarded by Christie Patrick/HOU/ECT on 01/26/2001
06:33 PM ---------------------------

"Stamer, Anne" <stamer@wharton.upenn.edu> on 01/26/2001 03:47:39 PM
To: "'christie_patrick@enron.com'" <christie_patrick@enron.com>
cc:
Subject: Wharton Business Plan Competition

Dear Christie:

Thank you for your voice mail. Things  are moving along nicely with the
competition.   Phase II deadline was today, so we hope to have some
statistics in the next few weeks.  I have attached the statistics from Phase
I, for your files.  Listed below are ways that Enron could be involved, let
me know in which (or all) of these Enron would be interested in participating.

* We want to start listing our sponsors, so it would be really good if we
could get your logo.

* Also, does Enron wish to be a Judge in Phase III and the Venture Fair
(VF)?  For Phase III, we would mail each Judge about 3 full blown business
plans to be ranked. We anticipate this taking no more than 1 afternoon

*  For the VF, we would need a Judge to be present for the entire day.   The
VF is by invitation only and we anticipate about 350 students, venture
capitalists, business entrepreneurs and faculty.  The VF will be held in
Philadelphia on April 30th.

* At the VF we will provide an opportunity for our sponsors with a 6 foot
table for exhibits or materials to hand out.  We will need to know if you
wish to use the exhibit space.

*  We plan on providing our 25 semi-finalist teams with one-on-one
mentoring.  If Enron is interested, that would be about 1/2 or 1 day
commitment.

*  There might be an opportunity for a workshop to the University community.
Would Enron be interested in participating in something like this?

I look forward to working with you to make this year's BPC a success.  Thank
you.

Sincerely,

Anne Stamer

 <<Phase IOverview.doc>>

<><><><><><><><><><><><><><><><><>
Anne Stamer
Wharton Business Plan Competition
Wharton Entrepreneurial Programs
The Wharton School
419 Vance Hall, 3733 Spruce Street
Philadelphia, PA  19104-6374
215-746-6460 (Direct)
215-898-4856 (Office)
215-898-1299 (fax)
stamer@wharton.upenn.edu
<><><><><><><><><><><><><><><><><>

 - Phase IOverview.doc


CONTROL AREA AND INDEPENDENT SYSTEM OPERATORS:

Please see the attached document requesting nominations to fill a  vacant
position on the Reliability Compliance Committee.  Please  return nominations
by July 20, 2001.

cc: Executive Committee
 RCC Members
D. E. Eyre, WSCC
R. L. Dintelman, WSCC
EPITF
CPTF
Legal Task Force
Incentives/Sanctions and Regulatory Task Force
RMS Legal Contacts
 w/attachments

Laurel E. Astor Administrative Coordinator PH:  (801) 582-0353 FX:  (801)
582-3918 EM:  astor@wscc.com
The following section of this message contains a file attachment
prepared for transmission using the Internet MIME message format.
If you are using Pegasus Mail, or any another MIME-compliant system,
you should be able to save it or view it from within your mailer.
If you cannot, please ask your system administrator for assistance.

   ---- File information -----------
     File:  RCC-CO&ISONomination06-25-01.doc
     Date:  5 Jul 2001, 8:33
     Size:  38400 bytes.
     Type:  Unknown

 - RCC-CO&ISONomination06-25-01.doc


Please set up the following CES contract with ENA as agent

Pipeline CGAS
Firmness IT
Rate Sched IT
Type  Transportation
Term  1/1/2000 - 1/31/2000 evergreen
k#  38295

Thanks


We received their payment today.  It included Dec01 through Mar02 invoices, some of which were new due ENA, other net due BG&E, with the sum of all amounts being owed to ENA.  It appears that they netted accordingly.  We can discuss whether they is allowable or not.  (This is the same scenario as with Merced.)

Susan: Please note in the DLL that payment was received 3/21/02 and that they netted post-petition invoices.

Thanks

Louis R. DiCarlo
ENA Gas Structuring
Phone: 713-345-4666
Email: louis.dicarlo@enron.com


One comment - the Platt's agreement has been completed.  I have a copy signed
by both sides - please let me know if you need a copy of this.

thanks
Dave

From: Tana Jones on 05/15/2000 05:44 PM
To: Dave Samuels/HOU/ECT@ECT, Julie Ferrara/HOU/ECT@ECT, Rahil
Jafry/HOU/ECT@ECT, Bob Shults/HOU/ECT@ECT
cc: Teresa Smith/Corp/Enron@Enron, Mark Taylor/HOU/ECT@ECT, Carol St
Clair/HOU/ECT@ECT
Subject: New CA's & Revised List

We have received the following two executed Confidentiality Agreements:

1.  Dow Jones & Company, Inc. dated May 11, 2000

2.  Cysive, Inc. dated May 12, 2000

Copies will be sent to Dave Samuels.

I am also attaching a revised copy of the Online Confidentiality Agreement
List.  Please let me know if you have any comments or questions on the list.


he's wrong - mike just checked with his broker, who should correct it.

Kerri Thompson@ENRON
03/20/2001 02:35 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: tfs

555560
broker has sp15


Never a dull moment!  It is hard to get deals done at Enron, which as
shareholders we should probably be glad. Chicago is only slightly more
difficult because of the utility angle - and mind set.

Michael's temperature STILL hasn't gone done.  And of course, now the weekend
is coming.  I guess it is time to call the doctor again.  And you!

Kay


---------------------- Forwarded by Kay Mann/Corp/Enron on 06/06/2000 06:08
PM ---------------------------

jeffreye.smith@ps.ge.com on 06/06/2000 06:08:59 PM
To: Kay.Mann@enron.com
cc: Brian.D.Barto@enron.com, tim.lederach@ps.ge.com,
john.schroeder@ps.ge.com, karl.siverling@ps.ge.com

Subject: RE: language for Withholding (Section 5.2.2)

Kay,
See the proposed wording, below.  This is the only contract text issue I am
aware of.
Other than the items mentioned in my e-mail of June 1st/2nd (on the
consolidation agreement) and finalization of the "letter agreement" (you got
my fax), we are there.
Implied in the above, is that at this point I think the split agreement
approach would get us to closure faster.
Regards,
Jeff Smith

-----Original Message-----
From:   Lederach, Timothy P (PS, Finance)
Sent:   Tuesday, June 06, 2000 4:12 PM
To:   Smith, Jeffrey E (PS, CommOps)
Subject:   RE: language for Withholding (Section 5.2.2)

I have no problem with their proposed addition as it applies to the onshore
contract.  However, I would recommend modifying it as follows:

      If Purchaser is obligated to make any payment to Seller that
is subject to any withholding tax, then Purchaser shall remit the
appropriate withholding tax to the proper governmental authorities, and
Purchaser shall then remit the net amount of the payment (i.e., the gross
payment minus the applicable withholding tax) to Seller.  Seller agrees to
provide Purchaser with an original tax receipt, in Seller's name, indicating
remittance by the Purchaser of the amounts withheld.  Failure to provide
this receipt within a reasonable period of time will result in the amount
withheld becoming payable to the Seller.
Regards

Tim Lederach
GEPS Taxes

      -----Original Message-----
      From:   Smith, Jeffrey E (PS, CommOps)
      Sent:   Tuesday, June 06, 2000 2:43 PM
      To:   Lederach, Timothy P (PS, Finance)
      Subject:   FW: language for Withholding (Section 5.2.2)
      Importance:   High

      Tim,
      Enron wants to add this to the end of Clause 5.2.2.
Attached is the latest version of the On-Shore Contract for reference.
      Please let me know your opinion.
      We can talk to Enron about this if appropriate.
      Thanks,
      Jeff Smith
          << File: VITRO5-on-r1b.wpd >>

      -----Original Message-----
      From:   Brian D Barto [mailto:Brian.D.Barto@enron.com]
<mailto:[mailto:Brian.D.Barto@enron.com]>
      Sent:   Tuesday, June 06, 2000 2:23 PM
      To:   jeffreye.smith@ps.ge.com
      Subject:   language for Withholding (Section 5.2.2)

      If Purchaser is obligated to make any payment to Seller that
is subject to any withholding tax, then Purchaser shall remit the
appropriate withholding tax to the proper governmental authorities, and
Purchaser shall then remit the net amount of the payment (i.e., the gross
payment minus the applicable withholding tax) to Seller.


fyi -- further distribute this message as you see fit.
---------------------- Forwarded by Steven J Kean/NA/Enron on 05/16/2001
01:37 PM ---------------------------

Karen Denne
05/15/2001 09:07 PM
To: Steven J Kean/NA/Enron@Enron
cc: Vance Meyer/NA/Enron@ENRON

Subject: Jeff on CNN

fyi...
---------------------- Forwarded by Karen Denne/Corp/Enron on 05/15/2001
08:54 PM ---------------------------

Vance Meyer
05/15/2001 06:47 PM
To: Sherri Sera/Corp/Enron@ENRON, Joannie Williamson/Corp/Enron@ENRON
cc: Karen Denne/Corp/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, Meredith
Philipp/Corp/Enron@ENRON, Ann M Schmidt/Corp/Enron@ENRON

Subject: Jeff on CNN

Here are the scheduled times for Jeff's "The Players" segment on "Business
Unusual," the taping he did for Arthur Anderson.

Vance

CNN
Sunday, May 20th
5:30 Central
(a.m. and p.m.)

CNNfn
Monday, 5/21 - Friday, 5/25
7:00 p.m. & 10:30 p.m. Central

CNN international
Europe:
Saturday, 5/19: 1130 CET
Sunday, 5/20: 1930 CET

Asia:
Saturday, 5/19: 1030 HK
Sunday, 5/20: 1630 HK

Latin America:
Saturday, 5/19: 930 BA
Sunday, 5/20: 1030 BA


NOTE FROM THE EDITORS
The AmeriFlash Newsletter would like to keep you informed on global wholesale
news as well, so we have added business highlights from Enron's original
electronic newsletter, GlobalFlash, which was created by Enron Europe.

"What's on your Mind?"
If you have ideas or suggestions please forward them to Michelle Vitrella or
Kathie Grabstald.

FINAL DAY FOR THE PULSE

Today is the final day to provide feedback through the annual employee survey
-- The Pulse.  As of Thursday morning, 56.5% of the ENA/EGM/EIM employees
have taken part in the survey, which is an improvement from last year's
participation rate of 49%.  However, we are behind the company average and
most of the other business units.  Please take a few minutes today to provide
much needed and confidential comments regarding Enron and your work
environment.  The Pulse survey is located on the Enron intranet at
survey.enron.com.

If you like competition, here is how the ENA/EGM/EIM participation rate
stacks up against the other business units:

Enron Energy Services 96.88%
Enron Wind  89.96%
Enron India  89.47%
Net Works  77.78%
EE&CC   73.88%
NEPCO   64.37%
Enron South America 63.74%
Corporate Staff  63.52%
Company Average 61.10%
ENA/EGM/EIM  56.50%
Enron Broadband 55.89%
ETS (formerly GPG) 55.52%
Enron Europe  44.36%
APACHI  29.66%

Log on to survey.enron.com and make your opinions known.

BUSINESS HIGHLIGHTS

OIL PRODUCTS
Congratulations to the US Oil Products Trading Team!  On October 4, 2000 they
successfully completed a deal with a volume of 2,400,000 barrels with a
Notional Value of $80,640,000.  This is the highest Notional Value associated
with an EOL trade.

Kudos again for another great deal. They have done another large
crack-spread, this time for 100,000 barrels per month for calendar 2001. This
trade notionally values out at over $40 million and is the second largest
transaction conducted to date on EOL.

STEEL
Steel Trading and Origination teams, headed by Greg Hermans and Tim
Battaglia, respectively, have already defined a Hot-Rolled coil financial
product.  The contract has been drafted and is currently being discussed with
customers.

Financial Hot Rolled Steel will be posted on EnronOnline, allowing the steel
industry to hedge their price exposure for the first time in history. The
access to hedging products will help the steel industry manage technicalities
and smooth cash flow.  Over time, forward price curves with transparent
pricing should allow the steel industry to also benefit from improved access
to capital.

The next challenge will be to educate the steel industry about financial
swaps and derivatives as risk management tools.  The $300 billion steel
market should provide an excellent growth opportunity for Enron.

PRINCIPAL INVESTMENTS
FuelCell Energy, Inc. recently announced that it has entered into an alliance
with ENA.  FuelCell Energy and Enron will work together to develop and market
FuelCell Energy's Direct FuelCellc (DFCc) products.  In connection with the
alliance, Enron has invested $5 million in the common stock of FuelCell
Energy.  Additionally, FuelCell Energy will issue warrants enabling Enron to
purchase up to 1.3 million shares of FuelCell Energy common stock.

Fuel cell developer Dais-Analytic Corp. also announced an alliance with ENA.
As part of this alliance, Enron has made an equity investment in
Dais-Analytic and will support market development, distribution and other
field services for Dais-Analytic's fuel cell, humidity control and related
products.

ENA RESEARCH GROUP
What does the FX and Sovereign Risk Group within ENA,s Research Department
do?  We provide forecasts of foreign exchange rates as well as revenue and
cost escalators corporate wide for project valuation.  We advise the FX and
interest rate desks on Central Bank policies of the G3.  In addition, we
provide sovereign risk analysis on countries important to Enron's various
business units upon request, as well as provide services related to the
global macroeconomic outlook.  Our sovereign risk analysis is used in the
development of the E-ratings in cooperation with the Risk Assessment and
Control Group.  We have recently developed a presentation on &Fundamentals of
Non-ferrous Metals8 as well as one on "Sovereign Risk8.  We also advise the
fundamental analysis group within Enron Global Markets.

What,s new from the Country Risk and Foreign Exchange Team? On October 13th,
2000, we launched a new product called the Enron &International Monitor,8 an
international economic review that will be published each Friday by the FX
and Sovereign Risk Group.  The purpose of this product is to inform the
foreign exchange traders as well as management about important international
economic events and their impact on currency and financial markets.  Special
emphasis is placed on potential central bank policy changes and the impact
these changes have on interest rates and currencies.  We also monitor other
key markets, with a special focus on oil, and its impact on consumer,
producer and equity prices. The International Monitor can be found on the ENA,
s web site, by accessing
http//ecthou-webcl1.nt.ect.enron.com/research/ForeignExchange/FXMain.htm.

Please email Leann Walton if you would like to receive the International
Monitor weekly by email, or if you would like us to email you the first two
issues.  Visit our web site at http://home.ect.enron.com/ - Select
Departments / Research.  You will find also many useful links to other web
sites here relevant to Enron,s businesses.

NEWS FROM GLOBALFLASH

Enron Launches Financial Plastics & Petrochemicals Derivatives on EnronOnline
Enron is to start trading a new range of financial swap contracts for the
plastics and petrochemicals industry on www.enrononline.com, the company,s
free, real-time Internet-based trading platform. This is the first time that
these derivative products, designed to help clients better manage the price
volatility which characterises the multi-billion dollar industry, have been
made available on the Internet in Europe.

Gas Deliveries in Germany
Since 1 October 2000, Enron has been the first and only non-incumbent player
to be able to serve customers within Germany by delivering gas to three local
utilities, those of Heidelberg, T_bingen, and Bensheim.  Carsten Haack who
closed the first deal with Heidelberg and was in charge of negotiation of the
transport did mention that the procedures are still complicated and lengthy
and that the terms and conditions for future agreements will need to be
easier, more transparent and standardised. Helge-J_rgen Beil from the
Frankfurt office who closed the gas deals with the municipalities of T_bingen
and Bensheim said that these deliveries are encouraging but do not guarantee
the future yet.   Another positive aspect is that Enron's continental gas
trading team was able to do the first gas trade within Germany with some of
the gas Heidelberg contracted for but could not take on.

Liquid Fuels Group Launches Tanker Freight Forwards
Scott Moncrieff, a director in the group, has with his team introduced tanker
freight forward contracts on to EnronOnline, to offer a standardised hedging
contract in today's highly volatile tanker market, currently worth in excess
of US$ 10 billion per annum.

And on the Dry-Side......
Pierre Aury, Chris Connelly and their team introduced a similar on-line
forward freight swap in June and to date, have traded contracts with a
notional value of US$ 8 million, equivalent to 20 million metric tonnes of
combined physical and financial contracts.  The routes are  from Colombia and
South Africa to Rotterdam, which are key routes for coal transport.

WELCOME

Transferred Into ENA/EIM/EGM
ENA ) Johnny R. Palmer/Staffing Resources, Anna Briggs/Principal Investing,
Carol Coats/Human Resources
EGM ) Andrea Hauser/US-GP Products Trading

New Hires ENA/EIM/EGM
ENA ) David Jones/East Origination, Marnie Lamb/Merchant Finance, Mathew-Joy
Noveena/Tax, Reynaldo Romero/Gas Assets Oper Mgmt, Mary Symes/West
Origination-Portland
EGM ) Brad Lawson/Financial Operations, Sandeep Ramachandran/Weather Trading

IN THE NEWS

&Enron delivered very strong earnings growth again this quarter, further
demonstrating the leading market positions in each of our major businesses,8
said Kenneth L. Lay, chairman and CEO of Enron. &Our wholesale and retail
energy businesses have achieved record-setting levels of physical deliveries,
contract originations and profitability. We operate in some of the largest
and fastest growing markets in the world, and we are very optimistic about
the continued strong outlook for our company.8  --- from Enron's 3rd Quarter
Earnings Press Release

NUGGETS & NOTES

&I,m looking for some high velocity capital.8  -  Brian Redmond,
President/HPL, Managing Director/Assets/Upstream Origination-ENA

&Can I get this NOW?8 - Gary Hickerson, Managing Director/Equity Trading-EGM

"I like the innovative ways that Enron does things. They take a refreshing
approach to the stagnant steel industry." - Kevin O'Donnell, Director/Steel
Trading

CONTEST

The cut off date for The Name This Newsletter Contest is Friday, November 3.
Keep the ideas coming!

TEASER

In your cellar there are three light switches in the OFF position. Each
switch controls 1 of 3 light bulbs on the floor above.  You may move any of
the switches but you may only go upstairs to inspect the bulbs one time.  How
can you determine the switch for each bulb with one inspection? Please send
answers to michelle.vitrella@enron.com, the winner will receive AMC Movie
passes.


Klaus,
I spoke with Hollis.
He sounds fine.
He is not sure when he will be back to work.
They still do not know exactly what happened.

I spoke with Mark Fisher.

He is in Hollis' group.

He can support your request, but he needs more information.

Please contact him after our Thursday SCADA conference call.

Mark Fisher
661-823-6545

Mark,
Please see Klaus' request below.

I've included Klaus' contact information.

Klaus Holtel
011-49-5971-980-1122 office
011-49-171 635 7034 mobile

Thank you.

Ron

Klaus Holtel@TWTDE
05/22/2002 09:58 AM
To: Ronald Brzezinski/EWC/Enron@ENRON, Kevin.Cousineau@ENRON@TWTDE
cc: Martin Essing/DEVELOP/TWT/DE@TWTDE

Subject: Spannungswerte USA

Ron,

I have heard that Hillis is a hospital. Is it true?
Can you support us?

Kind Regards,
Klaus
---------------------- Weitergeleitet von Klaus Holtel/DEVELOP/TWT/DE am
22.05.2002 18:55 ---------------------------

Klaus Holtel
22.05.2002 15:33
An: Hollis Kimbrough/EWC/Enron@ENRON
Kopie: Martin Essing/DEVELOP/TWT/DE@TWTDE
Thema: Spannungswerte USA

Hi Hollis,

how are you? I hope everything is fine!

Hollis, at the meeting in Spain you told me, that it is no problem for you to
support us in Germany with data from US sites.
Now, Martin Essing from the group "BUG" need the following data over the
lifetime of the turbine.

Site:   Turbine  Data
Indian Mesa  #34, #56    10sec. averrage: Voltage Phase A, Voltage Phase B,
Voltage Phase C, Power, cos phi
Indian Mesa  #34, #56    10min. averrage: Voltage Phase A, Voltage Phase B,
Voltage Phase C, Power, cos phi
Indian Mesa  #34, #56    24h averrage: Voltage Phase A, Voltage Phase B,
Voltage Phase C, Power, cos phi

Trent Mesa  #1, #5, #10, #15  10sec. averrage: Voltage Phase A, Voltage Phase
B, Voltage Phase C, Power, cos phi
Trent Mesa  #1, #5, #10, #15  10min. averrage: Voltage Phase A, Voltage Phase
B, Voltage Phase C, Power, cos phi
Trent Mesa  #1, #5, #10, #15  124h averrage: Voltage Phase A, Voltage Phase
B, Voltage Phase C, Power, cos phi

Thank you Hollis for your support.

Kind Regards,
Klaus Holtel
GE Wind Energy GmbH
SCADA Development
Holsterfeld 16
48499 Salzbergen, Germany

---------------------- Weitergeleitet von Klaus Holtel/DEVELOP/TWT/DE am
22.05.2002 15:21 ---------------------------
Von: Martin Essing am 22.05.2002 15:00
An: Klaus Holtel/DEVELOP/TWT/DE@TWTDE
Kopie:
Thema: Spannungswerte USA

Tach, wie besprochen:

von den Anlagen  Indian Mesa  #34 und #56 sowie von einigen beliebigen
Anlagen in Trend Mesa h,tte ich gerne die Netzspannungswerte / Leistung /cos
phi

als Minutenmittelwerte Tagesmittelwerte Sekundenwerte   (minana%s dayana%s
secana%s blitze)

Martin


Please follow up asap.
----- Forwarded by Richard B Sanders/HOU/ECT on 04/22/2001 02:27 PM -----

	William Krenz@ENRON_DEVELOPMENT
	04/20/2001 11:31 AM

		 To: Richard B Sanders@ECT
		 cc: Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Christopher B
Hunt/Enron@EnronXGate
		 Subject: Privilege Matters

Richard:  Following up on my voicemail message to you.  As I mentioned, we
were referred to you by Mark Haedicke in connection with some inquires I have
regarding the application of the attorney-client or work-product privileges
to internal operational audits.  In particular, I am interested in Enron's
standard practice in that regard and any standard or sample documentation
used to cover the audit reports by one or both of the privileges.  Im also
curious as to whether the same approach has been used with respect financial
audits regarding internal controls.  Pls let me know.

Regards,

Bill Krenz
X67749


I Forwarded this one already

From: Jeff Dasovich on 07/06/2001 03:49 PM
Sent by: Jeff Dasovich
To: David W Delainey/HOU/EES@EES
cc: Richard Shapiro/NA/Enron@ENRON

Subject: Re: California Update--Legislative Push Underway

Will do.

Best,
Jeff

	David W Delainey@EES
	07/06/2001 02:58 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Richard Shapiro/NA/Enron@Enron
		 Subject: California Update--Legislative Push Underway

Jeff, I would recommend forwarding these to myself, Lavorato, Dietrich,
Kitchen and Whalley in the future.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/EES on 07/06/2001
02:57 PM ---------------------------

Jeremy Blachman
07/06/2001 02:12 PM
To: David W Delainey/HOU/EES, Janet R Dietrich/HOU/EES, Vicki Sharp/HOU/EES
cc:
Subject: California Update--Legislative Push Underway

Think it would be extremely helpful to have Jeff and/or Jim Steffes update us
on Monday. I will set-up if you don't already have something going.
---------------------- Forwarded by Jeremy Blachman/HOU/EES on 07/06/2001
02:11 PM ---------------------------
From: Jeff Dasovich@ENRON on 07/06/2001 01:16 PM
Sent by: Jeff Dasovich@ENRON
To: skean@enron.com, Richard Shapiro/NA/Enron@Enron, Wanda
Curry/Enron@EnronXGate, Donald M Black/Enron@EnronXGate, Susan J
Mara/NA/Enron@ENRON, Harry Kingerski/NA/Enron@Enron, Tim
Belden/Enron@EnronXGate, Vicki Sharp/HOU/EES@EES, Jeremy
Blachman/HOU/EES@EES, Phillip K Allen/Enron@EnronXGate, Alan
Comnes/Enron@EnronXGate, Linda Robertson/NA/Enron@ENRON, Mike D
Smith/HOU/EES@EES, Michael Tribolet/ENRON@enronXgate, Kristin
Walsh/Enron@EnronXGate, Christopher F Calger/Enron@EnronXGate
cc:
Subject: California Update--Legislative Push Underway

Hertzberg (speaker of the CA Assembly) called a meeting yesterday afternoon
of the group of market participants that have been negotiating the
"core/noncore" proposal in California.  The purpose of the meeting was to
brief us on their activities and their gameplan for trying to find a solution
for California.  Here's a summary of the meeting.  Please keep confidential.

Work will be done over the weekend to put the core/noncore proposal in
legislative language.  (We will be in the room.)
Work done by the "Plan B" group in the Assembly (Joe Dutra and Joe Nation)
will also be put into legislative language over the weekend.
Because no proposal is "comprehensive," a complete legislative package will
be created from the various pieces that have been worked on thus far (i.e.,
core/noncore, "Plan B," Edison MOU)
In addition, there are Republican demands that Hertzberg will need to address
(e.g., end the litigation) in order to achieve bi-partison support, which is
what Hertzberg's shooting for.
To move the legislation, the plan is to establish a "conference committee,"
comprised of an equal number of Democrats and Republicans.
The committe would begin work on Monday and would attempt to finish putting a
comprehensive bill together, vote it out of the Legislature and send it to
the Governor for signing by Monday, July 16th.
July 16th is the deadline because that is the date that the PUC will issue
its proposed decision regarding, among other things, how DWR's revenue
requirement will be put into rates, whether Direct Access needs to be
suspended, etc.
The PUC is issuing the draft on the 16th in order to give everyone 30 days to
review and comment before the Commission votes on a final order on August
15th.  (The PUC will actually issue a "thought piece" on Monday the 9th and
will use reactions to the "thought piece" to craft the develop the proposed
decision it plans to issue on the 16th.)
All of this is still up in the air, however.  As of right now, the leader of
the Senate (Burton) has not agreed to Hertzberg's gameplan and the
Republicans, while interested, have not yet committed to join the process.


Hi Sheila,

When you have a moment (ha ha) could I get a copy of a couple of power
project risk memos?

Thanks,

Kay


The Costilla bankruptcy is pending in the court of Judge Ronald B. King, in
the Midland Division of the Western District of Texas.  I spoke today with
Jana, Judge King's clerk, about the Motion for Stay of Harris County Lawsuit
that Costilla sent on October 19, 2001.  Here is what I learned:

1.  The Motion was actually filed today.   It has not yet reached Judge
King's chambers, and Judge King has not seen it.

2.  Under local Rule 9014, negative notice language is required to be placed
in most motions.  The negative notice language says:  "THIS PLEADING
REQUESTS RELIEF THAT MAY BE ADVERSE TO YOUR INTERESTS.  IF NOT TIMELY
RESPONSE IS FILED WITHINT TWENTY (20) DAYS FROM THE DATE OF SERVICE, THE
RELIEF REQUESTED HEREIN MAY BE GRANTED WITHOUT A HEARING BEING HELD.  A
TIMELY FILED RESPONSE IS NECESSARY FOR A HEARING TO BE HELD."

3.  The Costilla motion does not include this negative notice language.
Local rule 9014 of the Western District says that the negative notice
language should not be included in "matters upon which a hearing is
specifically required by the Bankruptcy Code or by applicable rules," or
"matters that require the Court to act within a shortened time frame."

4.  This is the type of motion that the Judge would normally set for
hearing, and that's what Jana expects will happen here.  If it is set for
hearing, the earliest hearing date would likely be the end of November.

5.  Jana will tell the Judge that we want an opportunity to respond to the
motion.  We will get notice of any hearing.  If the judge sets a hearing, he
may request a response within some specific period.  Jana says it is
unlikely that the Judge would give us less than 25 days or so.

I think that just to be safe, we should prepare to submit a response no
later than November 8, which is 20 days after the motion was mailed.

-----Original Message-----
From: Brownfeld, Gail [mailto:Gail.Brownfeld@ENRON.com]
Sent: Monday, October 22, 2001 3:43 PM
To: Katie Sammons; H. Lee Godfrey
Cc: Sanders, Richard B.; White, Bonnie
Subject: Costilla/Motion to Stay

	Bonnie White, the Enron attorney who filed the Harris County
answer on behalf of JEDI, sent me a copy of a Motion for Stay of Harris
County Lawsuit which was filed by George Hicks, Costilla's litigation
trustee, in the US BR Court in Midland.  I am having it faxed to you.
	Hicks is represented by Akin Gump who argue that, the Hall law
firm, although experts in commercial litigation and personal injury
cases (whatever), is inexperienced in BR proceedings and  filed suit on
behalf of the wrong entity. Ooops.  Thereafter, they figured out that
they had sued in the wrong name and (coincidently) also figured out that
they wanted to sue "where the property made the subject of the suit" was
located (and where Judge Bland wasn't)...Zapata County.  After spending
a paragraph or so feigning ignorance about why JEDI (inexplicably)
answered the Harris County case when it hadn't been served, they argue
that Costilla's lack of authority to sue in its own name as well as the
bankruptcy protection afforded to Costilla require that the case be
stayed.  My favorite part is in paragraph 7 when Akin Gump argues that
counsel "was voluntarily preparing" to dismiss the Harris County case.
	No Notice of Hearing was attached; however, I think we ought to
get something into the BR court as soon as possible. By copy of this
e-mail, I'm letting Bonnie know that you guys are on this and that she's
off the hook.  You may want to file a Notice of Substitution in Harris
County so that everything comes directly to y'all.
	Please call me to discuss this when you get a chance. Thanks.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************


Howard,

Thanks for the message and the paper.
We shall hold an internal  follow-up meeting next Monday to
review potential projects on which we could cooperate in
the future.

Vasant and I will contact you to discuss our recommendations
regarding the future research agenda.

Vince

"Kunreuther, Howard" <kunreuth@wharton.upenn.edu> on 12/14/2000 10:07:11 AM
To: "Bouillion (E-mail)" <james.l.bouillion@enron.com>, "Carrick (E-mail)"
<george.carrick@enron.com>, "Hoog (E-mail)" <david.hoog@enron.com>, "Kaminski
(E-mail)" <vkamins@enron.com>, "Vasant (E-mail)" <vshanbh@ect.enron.com>
cc: "Doherty, Neil A" <doherty@wharton.upenn.edu>, "Kleindorfer, Paul"
<kleindorfer@wharton.upenn.edu>, "Thomas, Louis A"
<thomas@wharton.upenn.edu>, "Weigelt, Keith W" <weigelt@wharton.upenn.edu>
Subject: Working with ENRON on catastrophic risk

Dear Vince, Jim, George, David and Vasant:

Neil Doherty, Paul Kleindorfer and I very much enjoyed our discussion last
Wednesday at Wharton  with you on future joint research  with Enron over the
coming year. In particular, we see the whole area of capital management and
catastrophic risk as a fruitful area for foint collaboration. I am sharing
this message with Louis Thomas and Keith Weigelt who direct the FAP MBA
program in the hopes that we can find a team to work with us on these issues
next semester.

Attached is a revised version of our paper on "Evaluating Risk Bearing,
Mitigation and Risk Transfer Using Exceedance Probability Curves: Project
Update".   We would greatly appreciate you and your colleagues looking at the
section on "Cat Bonds Covering Multiple Risks" (pp. 15-19) to see whether our
example and conclusions make sense to you. We look forward to working with
your team at Enron   regarding ways that we can build on these preliminary
findings to make cat bonds for weather risks  more attractive.

Best wishes for the holiday.

Regards,

Howard
 Howard Kunreuther
Cecilia Yen Koo Professor of Decisions Sciences and Public Policy
Chairperson   Operations and Information Management Department
1326 Steinberg Hall-Dietrich Hall
Wharton School
University of Pennsylvania
Philadelphia, PA 19104-6366
Phone:215-898-4589
FAX:215-573-2130
Email:kunreuth@wharton.upenn.edu

 - EPCurvePaper-FINAL-D10.doc


Both of these are capitalized terms in rev 23.  Is there a difference?  Load
Projection Model is in definitions, but Load Forecasting Model is used quite
a bit.

ckm


I spoke to Chris on this today, we are covering Foster but not going to do anything on the others at this time.

We can review in another month or so.

 -----Original Message-----
From: 	Belden, Tim
Sent:	Tuesday, October 23, 2001 2:35 PM
To:	Kitchen, Louise
Cc:	Calger, Christopher F.; Kearney, Julie
Subject:

Louise,

Chris and I would like to provide additional equity to three members of our middle market team:  Chris Foster, Stewart Rosman, Paul Choi

As you know, compensation for Middle Marketers in Portland has become very competitive recently.  We lost Greg Wolfe and Holli Krebs in Q3 to AEP simply because AEP was willing to pay a lot more.  Chris, Stewart, and Paul all signed two-year contracts at the end of 2000.  In short, they were unlucky enough to sign contracts at the worst possible time.  The market for their services, both inside Enron and outside of Enron has gone up.  The equity that they received as compensation for a non-compete is worthless.  In addition, they received no signing bonus.

Chris and I compared their contracts  to the ones that started getting rolled out in April and ones recently signed with people in similar positions in Portland.

				Title		Mid-Year Rank		Signing		Options		Stock

Mike Etringer		Dir	 	2			$40K		$75K		$0
Jim Gilbert			Dir		2			$50K		$100K		$0
Chris Foster			VP		2			$0		$50k		$0
Stewart Rosman		Dir		2			$0		$50k		$0
Paul Choi			Dir		2			$0		$40k		$0

Here is our proposal for equity grants to our three key people in middle market / services.  This is just no strings attached equity because it's the right thing to do!  These guys are going to be key to our success

			Restricted		Options
Foster		$50k			$75k
Choi		$50k			$75k
Rosman		$50k			$75k

Let us know your thoughts.

Tim
(on behalf of Tim and Chris)


Thanks for the reminder.  Yes I'd like to be included in your jan 1, 2001
contribution.  I will attend to this with the necessary paperwork in mid
december.
Regards,

Jeff

"Mastros, Christina" <cmastros@unterberg.com> on 11/30/2000 09:17:44 AM
To: "'jeff.shankman@enron.com'" <jeff.shankman@enron.com>
cc:
Subject: C.E. Unterberg, Towbin Communications Fund, L.P.

jeff.shankman@enron.com

Thank you for expressing interest in investing in C.E. Unterberg, Towbin
Communications Fund, L.P. (COMM) whose portfolio manager is Amanda Macklowe.
We have been conducting monthly openings since the fund's inception.

We will allow monthly contributions into the fund on December 1, 2000 and
January 1, 2001.  After that, subscriptions will be quarterly as per the
Limited Partnership Agreement.

To date we have raised $12 million.  Despite the challenging market we have
experienced over the past few months, COMM had returned approximately 4.2%
through the end of October.  November continues along this trend.

If you are interested, please respond to this e-mail or you may give me a
call at
(212) 389-8027.

We thank you for your attention and wish you a joyous upcoming holiday
season.

----------------------------------------------------------------
Pursuant to SEC and NASD requirements, all incoming and outgoing e-mail of
C.E. Unterberg, Towbin is subject to review by the Compliance Department.

Please note that C.E. Unterberg, Towbin does not allow the use of e-mail to
request, authorize or  effect the purchase or sale of any security, to send
fund transfer instructions, or to effect any other transactions.  Any such
request, orders or instructions that you send will not be accepted and will
not be processed.

================================================================


Rick,

I understand from a statement attributed to Tony Apps that the pipeline is
now delayed to May 24, 2001 from the previous April 7, 2001.  Is this your
understanding as well?

Richard A Lammers
12/20/2000 04:49 PM
Sent by: Richard A Lammers
To: Rob G Gay/NA/Enron@Enron
cc:

Subject: Reminder for tomorrows call

Rob- please try to report on two things for tomorrow's call at 9 am
what is interest rat position vs a vs KFW (did they extend the period) and
did we roll over the interest rate option with enron and at what rate
What is Shell's position on closing the financing