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----- Forwarded by Steven J Kean/NA/Enron on 10/16/2000 10:26 AM -----

	Ann M Schmidt
	10/16/2000 08:26 AM

		 To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Meredith
Philipp/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Elizabeth
Linnell/NA/Enron@Enron, Mary Clark/Corp/Enron@ENRON, Laura
Schwartz/Corp/Enron@Enron
		 cc:
		 Subject: Enron Mentions

A Trio of Little Guys
Embarks on Wild Ride
In Global Oil Market
---
Pursuing Business With DOE,
Their Paths Diverge; One
Leads to `a Lot of Money'
By Wall Street Journal staff reporters John Fialka in Denver, Alexei
Barrionuevo in Tallahassee, Fla., and Jonathan Weil in New York
?
10/16/2000
The Wall Street Journal
Page A1
(Copyright (c) 2000, Dow Jones & Company, Inc.)
Lance Stroud of New York, Renard D. Euell of Denver and Ronald Peek of
Tallahassee, Fla., all had dreams of becoming oil barons. And on Oct. 4, when
the Department of Energy announced the results of the bidding for oil from
the nation's Strategic Petroleum Reserve, they thought their ships had come
in.
Two of the three black entrepreneurs were unknowns in the industry, and none
of them had ever done a major oil deal. But there they were, listed as
winning bidders alongside some of the biggest names in the business --
Marathon Ashland Petroleum LLC, Morgan Stanley Dean Witter & Co., BP Amoco
PLC and Amerada Hess Corp. Each would be given the right to withdraw millions
of barrels of oil from the reserve amid one of the most volatile oil markets
in decades. In exchange, each had offered to replace that oil, plus an
additional amount akin to an interest payment, a year later. They and the
other winning bidders, the Energy Department said, were picked soley because
they pledged to return the biggest quantities of oil to the reserve.
There was just one catch: In its rush to release the oil and so ease a price
crunch, the Energy Department had suspended its usual requirement that each
bidder supply financial guarantees. But it wanted the winning bidders to
present letters of credit, equal to the oil's market value, five days after
their bids were submitted. The big players could easily meet that
requirement. But Messrs. Stroud, Euell and Peek were men of limited means.
They needed to find someone willing to back them for tens of millions of
dollars -- and fast.
The drama made for an unaccustomed scene in Harlem, where the 35-year-old Mr.
Stroud lived with his 74-year-old mother. A heavy-set man with a goatee, Mr.
Stroud, a former Army enlisted man who had dropped out of college shy of
graduation, had held a string of odd jobs while using the Internet to seek
out a big business deal.
The aspiring oil man had entered his bid for four million barrels from the
reserve, via the Internet. He won't discuss the details of his bid, but says
he thought he could outbid the large oil companies because he didn't have as
much overhead. After the winning bids were announced, Mr. Stroud became
something of a celebrity. TV news crews arrived to interview his neighbors,
many of whom had no idea what all the fuss was about. "I thought he [Mr.
Stroud] was some kind of rap star," recalls Carline Thomas, who lives down
the hall from him.
As neighbors paused to shoot the breeze on the steps of nearby residential
buildings, most marred by graffiti, Wall Street couriers bearing fat packets
of information spent the week scurrying back and forth from Mr. Stroud's
apartment on a seedy block in Harlem's central business district.
Inside Mr. Stroud's apartment, the telephone wouldn't stop ringing, and his
mother was helping him field the calls. He says he was in serious talks with
four companies. And a movie producer was interested in his life story. Then,
amid the chaos, tragedy struck. On Tuesday night, his mother, Iris Manning,
suffered a cardiac arrest, and was taken to a hospital a few blocks south of
Mr. Stroud's apartment.
Mr. Stroud said he spent most of Wednesday running between his apartment and
the hospital, taking occasional phone calls to deal with prospective
financiers. Ms. Manning went into cardiac arrest three more times, and died
at 9:47 p.m. Wednesday evening.
Mr. Stroud was dazed by the fact that what he called the two biggest events
of his life -- the death of his mother and his selection by the Energy
Department -- occurred almost simultaneously. "I'm saying `there must be some
reason I'm here,' " he said later. "These things happening like this, the
odds must be in the millions."
Mr. Stroud won't discuss which companies were vying for his oil, but he says
at one point he thought he had an offer to buy him out for $1.50 a barrel, or
$6 million. The most serious discussions began Thursday, with a
representative from a refining company, which he refuses to name. From that
discussion Thursday until the following evening, Mr. Stroud says, he was
confident that the refiner would grant him the letter of credit he needed.
But at 9 p.m. Friday, three hours before his deadline, Mr. Stroud said he got
a call telling him the deal was off. "I was upset," he says. "I mean, instead
of wasting my time with that I could have obtained the financing quickly"
from some other source.
A spokesman for Koch Industries Inc., based in Wichita, Kan., said it was in
negotiations with both Messrs. Euell and Stroud. "We invited them to make a
deal that made economic sense." BP Amoco said it also had discussions with
Mr. Stroud.
Mr. Stroud now says the DOE should have given him an extension, under the
circumstances. "If your mother passes, aren't you given three days to
grieve?" Mr. Stroud asks. His mother's funeral is scheduled for Wednesday,
which would have been her 75th birthday, he says.
Mr. Euell ran a small company, Euell Energy Resources, whose 12 employees
helped him broker natural-gas sales and other small energy deals. By night,
he worked the phones from his home in a modest Denver suburb, calling oil
producers in Nigeria and energy brokers in Singapore and Sydney, always
looking for the big score that would make him rich.
A friend, Norman Early, a sometime golfing partner and a former Denver U.S.
district attorney, says the 50-year-old Mr. Euell is "one of those guys who
shoots for the stars." On Oct. 4, Mr. Euell thought he had hit one. He had
been awarded the right to withdraw three million barrels of oil from the
Strategic Petroleum Reserve, in exchange for returning 3.3 million barrels a
year later. That was enough oil to fill 14,019 conventional tank trucks.
Knowing he would need a partner to provide financial backing, Mr. Euell had
already placed a call to a man he'd never met: Kenneth L. Lay, chairman and
chief executive of Enron Corp. He said he was sure he was going to be one of
the top bidders for the reserve oil. Would Enron like to be his partner?
Within a few hours John Nolan, the giant energy company's vice president in
charge of trading, called from London. Enron , he said, was interested.
By Oct. 6, the price of oil had already fallen, making Mr. Euell's bid look
generous. Still, he felt bullish. "I'm betting on Mother Nature, that she's
coming back this winter and that oil's going to be more valuable."
It wasn't Mother Nature, but the crisis in the Middle East that turned things
around. Monday, Oct. 9, the target price for November oil futures on the New
York Mercantile Exchange, jumped a dollar to $31.86 a barrel and headed
higher. Mr. Euell flew to Houston and took a room at the Hyatt Regency, from
which he could see Enron 's 50-story office tower.
By Tuesday, the price of oil had hit $33.18. By Mr. Euell's calculations that
meant a $3 million profit for him and an equal amount for his prospective
partner just across the street. Enron 's lawyers were working on an agreement
that would substitute Enron as the major party in Mr. Euell's contract, he
said, and were drawing up the letter of credit for $93 million that the DOE
required.
Eager to close the deal, Mr. Euell called Enron trader Patrick Danaher, who
was working on the project. "I want to sign this thing up today," Mr. Euell
told him, claiming that he had received an offer from another, unnamed firm,
offering to buy his contract for $1.2 million. According to tapes of the
conversation provided by Enron , Mr. Danaher said the paperwork was under
way: "Let me see if we can do that today."
Mr. Euell called backed at 11:30 a.m. and again at 11:45 a.m. Each time, the
trader sounded more pessimistic. Prospects were "50-50." When Mr. Euell
suggested he had other offers, Mr. Danaher told him: "If you have a bid at
$1.2 million, you should take it. A bird in the hand is worth two in the
bush. I just have to tell you that." Still, he invited Mr. Euell to dinner.
Tuesday's deadline passed without dinner or any action from Enron . While it
appears from the tapes that the parties had been close to an accord, Eric
Thode, a spokesman for Enron 's trading branch, says: "At no time was there
anything remotely resembling a deal with Mr. Euell."
Mr. Euell got the DOE to agree to extend the deadline for another 24 hours
and, after a round of frantic phone calls, says he collected pledges from a
group of European banks to support the $93 million letter of credit. But,
when the new deadline expired, he still had failed to get the proper
paperwork to the DOE, which then declared his award to have lapsed. "They
played me," Mr. Euell complains, blaming Enron for the missed deadlines.
Still, he says, the experience amounted to an instant "Ph.D." in oil. Next
time, he vows, he will have his own letter of credit.
The DOE said late last week that it will accept new bids on the seven million
barrels of oil Messrs. Stroud and Euell forfeited.
As for Mr. Peek, he remains the mystery man of the three. His company,
Burhany Energy Industries Inc., was formed Aug. 21. It employs no one but Mr.
Peek himself. Staffers at the Florida Black Business Investment Board, where
Mr. Peek works as a business-development specialist, said he had taken last
week off. Shutters were drawn at his modest, one-story house in Tallahassee.
Phone calls to Mr. Peek were forwarded to an unidentified neighbor. In an
e-mail to a reporter, Mr. Peek apologized for being unreachable. He was
"working relentlessly to consummate this transaction" and couldn't "entertain
any distraction at the moment."
On Saturday, the Department of Energy announced that Mr. Peek had
successfully transferred his interest in three million barrels of government
oil to Hess Energy Trading Co. of New York, a partnership that includes
Amerada Hess. Amerada Hess Vice President Carl Tursi said he could give few
details of the deal, except to say that he believes there was an
"arrangement" that resulted in "a lot of money" for Mr. Peek.

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

Financial
DEAL OF THE WEEK; Artesia Seeks a Link To Information Firms
Nicholas Johnston
?
10/16/2000
The Washington Post
FINAL
Page E05
Copyright 2000, The Washington Post Co. All Rights Reserved
Rockville-based Artesia Technologies wasn't just interested in another
venture capital investment. It wanted partners.
In its recent $26 million funding, the digital asset management company's
second round, its venture capital lead was joined by a group of "strategic
partners."
Artesia wanted to form relationships with other information management
companies, instead of working only with banks or venture capital firms. "We
wanted to make it more of a partnership with other companies," said Brian
Hedquist, Artesia's marketing communications manager.
For example, in September, Vignette Corp. of Austin announced an agreement
with Artesia to create an Internet commerce application. Now with Vignette's
investment, the relationship is strengthened. "It's not a pure financial
investment," said Hedquist of the equity stake Vignette and the other
strategic partners have in Artesia. "They have a vested interest. We're all
going to benefit."
Artesia was born last year in a management-led buyout with the help of $25
million from Warburg Pincus.
CEO Chris Veator created the company when he and a group of insiders led a
buyout of the information management division of Boston-based financial
information giant Thomson Financial Corp.
Veator's idea was to jump into digital asset management for a broad array of
clients, not just managing information for publishing companies and new
organizations.
"We found very quickly," Veator said, "that the real opportunity was not just
in the publishing community."
Company officials said the funding will help Artesia pursue more
international expansion opportunities, the primary focus of which will be
Europe, where Artesia opened a London office last June. Also, the financing
will be used to increase the sales and marketing staff. Veator expects the
staff to double and revenue to triple over the next 12 months, though he
declined to give any financial information.
Artesia Technologies
Deal size: $26 million
Investors: Led by Warburg Pincus Ventures; EA Systems Inc., Enron Broadband
Services, Vignette, Razorfish and Protege Virtual Management Solutions
Description: Digital asset manager, helps companies catalogue, search and use
stored digital information
Headquarters: Rockville
Employees: 140
Web site: www.artesia.com

Contact: http://www.washingtonpost.com
IG

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

Oct. 16, 2000, 11:01PM
What public gets is at heart of arena issue
By ERIC BERGER
Copyright 2000 Houston Chronicle
When Enron Field opened this spring, the Astros boasted to fans that they
were playing baseball the way it was meant to be -- on real grass, under the
open sky.
Blocks away, the Rockets and most of the city's political and business elite
are asking voters for a new basketball arena.
Yet, if voters approve the construction in the Nov. 7 election, the game
still would be played indoors on a hardwood floor. An arena is, after all, an
arena, and basketball already is played in Houston the way it was meant to
be.
The team points to such fan benefits as a flashier show, with modern video
and sound equipment, and a more competitive team funded by higher revenues.
The arena's influential backers say an arena would spur downtown development,
strengthen the economy and help affirm Houston's position as a world-class
city.
For nonfans, it's difficult to predict how many of these benefits an arena
actually would generate. More calculable is the financial effect it would
have on Rockets owner Leslie Alexander and, to a lesser extent, the city of
Houston.
Compared with his bare-bones lease at Compaq Center, Alexander and the 12
players who wear his uniform stand to benefit greatly.
Based on estimates from other new arenas, Alexander stands to reap $30
million to $45 million more a year were he to go from being a tenant at
Compaq Center to being landlord of a new arena. For about $7 million a year,
Alexander would enjoy revenue from such sources as 100 luxury suites, premium
club seating near the court, selling the building's name and even bestowing
upon Miller, Coors or some other brewer the right to sell $6 beers.
Granted, going from tenant to landlord would boost his costs. Less the rent
he now pays at Compaq Center, Alexander would spend $8 million to $10 million
a year to keep the lights on.
For players, there's no such overhead. They would share the windfall. Under
the collective bargaining agreement ratified in January 1999, most revenues
collected by NBA owners are stirred into a mythical pot, out of which 55
percent is divided by the number of teams to determine a salary cap.
For the city's part, it would spend less money buying and preparing land for
the arena under this year's deal, with expenses capped at $20 million. A
different location chosen in last year's plan would have cost the city at
least $15 million more.
Both this year and last the city was to own the land and arena after 30
years. Now the city would get a parking garage, too.
In the revised agreement, the city also would receive $200,000 a year, use of
the arena for convention-related events or fund-raisers on 20 days a year,
and a suite between the free-throw lines.
It's a "much better deal" for Houston, says Mayor Lee Brown, who, as a chief
negotiator and supporter of the previous deal, is among the least likely to
make such admissions.
City officials have valued the suite at $250,000 to $500,000 because it would
allow Houston to woo convention center customers. The Rockets plan to sell
the suites for $100,000 to $150,000 each.
The suite actually could cost more than it is worth if the city opts to cater
games for visitors. This year, the sports authority spent about $65,000 on
food for about 80 dates at Enron Field. There would be at least twice as many
events in the arena.
The public would make its greatest contribution through the Harris
County-Houston Sports Authority.
That board would sell bonds to cover the arena's $175 million design and
construction cost. Appointed by the city and county to collect hotel and car
rental taxes to finance stadium construction, the 13-member sports authority
also would repay a $30 million loan -- interest-free for the first five years
-- from business leaders earmarked for a parking garage.
What does the public get in return?
"Something much bigger," said Ken Lay, co-chairman of the pro-arena campaign.
"It's making Houston, Texas, and particularly downtown, a much more viable
economic area. Making it more attractive for business to come to town, making
it more attractive for conventions to come to town, and making it more
attractive for the best and brightest talent in the world to come here and
work with us."
Moreover, supporters say a downtown arena, with its advanced sound and video
systems, wider concourses, scores of restrooms and a constellation of
eateries, would be like going from a phonograph to a hi-fi stereo.
Some longtime Compaq Center patrons who have visited new arenas agree.
"When people go to Enron Field they've had an experience," said fan Rebecca
Tonahill, 53, who attends a couple of dozen Rockets and Comets games a year
and has traveled to Los Angeles and Indianapolis arenas that opened last
year. "You don't get an experience at Compaq Center, but I think they could
capture some of that with the new arena."
Overall analyses of the deal's bottom-line cost vary by how much the sports
authority loses, if anything, from building the parking garage.
Harris County Tax Assessor-Collector Paul Bettencourt calculates the Rockets
would pay only 30 percent of the arena's total cost, which comes to $256
million by his tally, and the public would pay the remainder. Ric Campo, the
sports authority's financial whiz, contends the team's contribution would be
closer to half of the $220 million he estimates as the total cost.
Depending on how the numbers are manipulated, both are right.
Bettencourt believes the public would pay the parking garage's entire $35
million cost.
A sore spot among tax watchdogs has been the sports authority building a
garage that Alexander will have exclusive profit from during his events,
including games involving the Rockets and Comets basketball teams and
ThunderBears arena football team.
Still, said Campo, the sports authority has use of the garage at all other
times, which he says would be enough to cover annual garage payments. The
private loan is interest-free for the first five years, which would save $9
million.
What is clear is that taxpayers would spend between $125 million and $175
million to build an arena that would create wealth for a few. Arena opponents
call it corporate welfare. Supporters say it's a good investment.
It has happened before, to an even greater extent, with the construction of
Enron Field for Astros owner Drayton McLane Jr. and the football stadium for
Houston Texans owner Bob McNair.
"This point always raises serious questions about balance in people's minds,"
said Dennis Howard, a sports marketing professor at the University of Oregon.
"Those paying the greatest share are not getting the benefit. They often
can't even afford to go."
The counter-argument from arena supporters is that visitors pay most hotel
and car rental taxes. Bettencourt has studied the issue and concluded that
locals pay at least 30 percent of the visitor taxes.
Howard's research suggests about one of every 10 people who live in a market
where a major-league sports team gets a new building ends up using the
facility in a given year. However, the study did not differentiate arenas
from football or baseball stadiums. Arenas probably would attract more people
because of the many nonsporting events held there.
Not only do fans pay for the building with taxes, they are hit again by more
expensive tickets, said Howard, noting that average ticket prices jump by 30
to 40 percent in a new building.
The Rockets disputed that, citing a study of six recently opened arenas where
prices jumped from 7 to 28 percent. The team's chief operating officer,
George Postolos, said the Rockets have not raised the price of the most
affordable tickets in five years. He said the team would remain committed to
keeping a comparable number of affordable seats in a new arena.
Customers buying expensive tickets, typically corporations, would feel the
bulk of the increase.
"Premium seat holders get more in a new building," he said, "and they pay
more for it."
Houston voters, at least, have a fairly clear idea of who is getting what in
this deal. "It's all right there on the table," notes Bob Eury, president of
Central Houston Inc.
That is not always the case when teams and governments are eager
collaborators in search of public support. In Indianapolis, for instance,
local media suggested the agreement to build the $183 million Conseco
Fieldhouse involved $104 million in private money and $79 million in public
money. One reporter writing in the Indianapolis Star's special arena-opening
section went as far as to write: "This isn't Houston or Hartford, Conn., or
those other cities that swung open the public vault when it came time to pony
up for new sports facilities."
An arena built with less public than private money in such a small market
would be something worth bragging about.
The reality in the bond documents is much different: The city's capital
improvement board sold $222.6 million worth of bonds to finance the arena and
a parking garage. Those bonds will be repaid by a dizzying array of taxes,
including a cigarette tax, car-rental tax, hotel tax, a tax on goods sold at
the arena, and a diversion of state income taxes on player's salaries.
The private contributions come from $10 million worth of donated land, a $37
million loan to be repaid by the city, and, as touted by the Star, $57
million from the Pacers basketball team.
But the Pacers' "contribution" is made up almost entirely of revenues the
city expects to generate from the arena's publicly financed parking garage
when the team is not using it, according to an attorney who worked on the
bond sale.
Advertising for the arena in Houston so far has been accurate, but there are
two sides to some of the numbers presented.
A common claim is that the Rockets would pay $8.5 million a year in rent,
appearing most recently in an Oct. 1 opinion piece by sports authority
Chairman Billy Burge. This implies that more than half the $13 million to $14
million the sports authority would pay on its arena debt each year would come
from the Rockets.
Actually, of this "rent," $1.6 million would be put into a fund for major
arena repairs. Another $1.5 million would be paid to the sports authority,
but if the sports authority could pay its annual debts, the money would be
refunded to the Rockets. The sports authority would have enough money to pay
its debt on three stadiums if its tax revenues rise at 3 percent. They have
grown at around 10 percent in recent years.
Finally, another $200,000 of the "rent" is paid to the city.
Boosters also commonly promote arenas to voters as engines of economic
development, generating millions of dollars in sales taxes.
But even if the teams left, most personal leisure spending would simply be
spent on movies, the arts or other forms of entertainment, said John
Siegfried, a Vanderbilt University economics professor.
The other major chunk, from sales taxes on corporate spending at the arenas,
often comes from advertising budgets, he said, and there are other
promotional activities where the money could be spent.
"Repeatedly, we're finding the emperor has no clothes," said Howard, of
Oregon. "These buildings are sold as economic development engines, but the
economic impact they create is negligible."
Studies by professional consultants may, and often do, find otherwise, but
they are usually commissioned by a team or government seeking to justify
public spending on a new facility, Siegfried said.
Campo countered that building Enron Field has already fueled local economic
gain from higher property tax revenues. The ballpark's 10 blocks of land were
purchased at $12 per square foot, he said. A single block across the street
was recently sold for $100 a square foot to Trammel Crow.
Land values around the arena site have likewise doubled within the last year
on speculation of development there.
"That's creating a lot of value for the city, county and schools," Campo
said.
Economists, including four interviewed for this article, argue that spending
public money in other ways, such as tax abatements to developers, would
stimulate even more activity. They point to research in respected economic
journals that has found higher high school graduation rates and more spending
on police encouraged economic growth, whereas a major-league sports team
actually put a drag on the economy.
By Texas law, the sports authority may not spend the taxes it collects on a
venue unless it is approved by voters, and it may spend its revenue only on
sports facilities or other community projects like an arts center.
Its 2 percent hotel tax and 5 percent car rental tax will not rise if the
arena proposition passes. Adding arena payments to its existing debt would
completely tap its resources, however.
The board has not addressed what to do if the arena fails. To spend money on
anything other than an approved venue, such as hospitals or schools as
opponents suggest, would require legislative action.
Return to top

OUTLOOK
Editorials
FOR ARENA / Many concrete reasons to support this proposal Nov. 7
Staff

10/15/2000
Houston Chronicle
4 STAR
2
(Copyright 2000)

Houstonians are no strangers to the many arguments for and against the
building of new sports arenas. We've hashed and rehashed them often in the
past few years. We've put one facility - Enron Field for baseball downtown -
on the map, and we're erecting another - a new football/rodeo stadium at the
site of the Astrodome.
A decision on a third piece - a downtown basketball/hockey arena - is
forthcoming on the Nov. 7 election ballot.
The Chronicle urges voters to vote for the arena referendum.
It makes sense for Houston to finish the third leg of this sports facility
package as both a quality-of-life amenity and a valuable economic development
tool.
The arena proposal is essentially the same one, in terms of financing, as the
others that were approved by voters in 1996. Tax dollars will be spent
sparingly, taxpayer liability is limited, and taxpayers are even protected
from having to pick up cost overruns.
The fact there is a relative consensus on the proposal, or at least a lack of
vigorous opposition as there was on a previous proposal, is a signal that
this deal is a better one for Houston. The building's tenants, the Houston
Rockets and Comets, are paying a fair share of the costs.
Ticket and parking taxes have been eliminated from the new proposal.
Many people find the "corporate welfare" aspect of publicly financed arenas
distasteful, and some of their concerns have merit. But the reality is that
major league sports teams are amenities that help cities and all of their
residents. That's part of the reason so many cities compete to have them and
retain them.
Houstonians have debated this issue for years, and some people will adhere,
no matter what, to the philosophy that sports teams shouldn't be publicly
subsidized. Continued debate won't change their minds.
We believe the presence of sports teams and facilities such as these is a
plus for the city that far outweighs the public costs.
It's not an esoteric, theoretical discussion. The proof is concrete - as
concrete as the 18 new projects developed in downtown around Enron Field.
They include a mix of residential, office and entertainment facilities
totaling about $700 million.
The economic activity these enterprises generate is already a boon to
Houston's economy. The property value they add to the tax rolls will more
than offset the public investment costs of Enron Field.
Some critics of the arena have posited the theory that funds needed for
public safety, such as improvements to the Fire Department, will be raided or
shortchanged by the city's commitment to the arena. But that's simply not the
case. The increased property taxes and other benefits of a more dynamic
downtown will repay the city's investment many times over. That's new tax
money available to the city's general fund, which pays for police and fire
protection. So, it's not an either-or decision.
Furthermore, what the stadium and all this activity have done for downtown,
and for Houston's image as a whole, is quite remarkable.
Remember, downtown's northeast quadrant was was a virtual ghost town of
dilapidated warehouses and empty fields only a few months ago. Enron Field,
coupled with Theater District development and other projects, has put to rest
almost every argument that was made against the building of that stadium.
A downtown arena would help complete the renaissance of the area and would
put money into the public coffers.
These are all strong reasons to vote enthusiastically for the arena proposal
on Nov. 7.

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

A
Is new arena deal a slam-dunk for taxpayers? / Houston's costs, funding for
NBA team compared to other cities
ERIC BERGER
Staff

10/15/2000
Houston Chronicle
2 STAR
1
(Copyright 2000)

Those who support subsidizing an arena to keep the Houston Rockets in Space
City hail the deal struck this summer. It's better for taxpayers than last
year's accord, they say. It's comparable to what the Astros and Texans got.
Perhaps more important, they say, the agreement Houstonians will vote on Nov.
7 is a "market deal" that compares favorably with other arenas built in
recent years for National Basketball Association teams.
But does it really?
A Houston Chronicle study of the seven most recently built U.S. arenas for
NBA clubs reveals that four were constructed with less tax money than will be
spent here if voters approve next month's arena proposition. One had a
slightly larger public contribution and two were built with considerably more
public money.
There are good reasons for this, arena boosters contend. Unlike Houston,
three of these four cities offering lesser subsidies provided other
incentives.
In Dallas and Los Angeles, they note, the government condemned whole blocks
of land for private development around the arena. In Atlanta, Ted Turner was
given carte blanche to develop public land.
All of the markets that received a smaller subsidy also had both major league
basketball and hockey teams, which could share the construction costs. Two
teams generate more revenue, which tends to make the public contribution less
vital.
"This is one of the largest single-team contributions to a building ever,"
said Rockets Chief Operating Officer George Postolos, whose team is paying
about $7 million a year for control of the Houston arena.
Still, there is another general rule of thumb when it comes to determining a
public subsidy. Historically, the less populous a city and its suburbs, the
more public money is needed to complete an arena project. With their bevy of
Fortune 500 companies, larger cities far outstrip the mid-sized markets'
capacity to buy the pricey suites and club seats that make new arenas so
lucrative for NBA owners.
Strikingly, an arena was built with far fewer tax dollars in one city smaller
than Houston - Denver.
Atlanta, a market comparable to Houston, built an arena with considerably
less public money.
This was also the case in two larger markets. Los Angeles built an arena with
almost no public money, and Dallas' expensive project had substantially less
public than private money involved.
Only two of the cities reviewed, San Antonio and Indianapolis, built arenas
with larger public money contributions, which is consistent with their
relatively small market stature.
"The arena deal follows the Enron Field-type of model," said Harris County
Tax Assessor-Collector Paul Bettencourt, who released a study critical of
Houston's arena plan but has not campaigned against it. "It's consistent with
how the baseball and football stadiums were built in Houston.
"But it's clearly not the model for arenas in the rest of the country, from
Los Angeles to Atlanta to Denver."
Conservative activist Bruce Hotze, who recently launched an effort against
the arena, says Houston should follow the example of other cities where the
owners of sports teams - such as the Utah Jazz in 1991 - have primarily paid
for their facilities. He characterizes anything less as corporate welfare.
The list of factors determining how far a team can dip into public coffers
goes on, from the breadth of a team's local following to its success and its
owner's popularity, said Andrew Zimbalist, a Smith College economics
professor.
But the overriding factor is probably simpler, he said.
"The best strategy for any team to follow is to ask for so much money that
the referendum passes by a tenth of a percentage point," Zimbalist said.
"Teams will get as much as they can. If it passes by 5 percent, the owner,
usually a smart businessman, has done himself a disservice."
Another big factor is a threat to move.
This has loomed over Houston since NBA Commissioner David Stern announced
earlier this year that he was "certain" the Rockets would leave town without
a new building.
When the Denver Nuggets wanted a new arena in the mid-1990s they had a decade
left on their lease. The Rockets have just three years left before they can
leave Houston. Otherwise, Denver's circumstances as its leaders began
negotiating with the team were remarkably similar to Houston's.
The city had just spent about $200 million in public money to build Coors
Field for the Colorado Rockies baseball team, and was contemplating an even
larger expenditure to replace Mile High Stadium for the NFL's Broncos.
But when it came to the city-owned McNichols Arena, built, like Compaq
Center, in 1975, the attitude was that if the team's owner wanted a new
building he would have to do it largely with public money, said Dean Bonham,
a Denver-based sports consultant. Eventually, the owner got some city
concessions totaling about $30 million but paid for all the arena's
construction costs.
A few years later in Houston, after building Enron Field and ponying up for a
new football stadium, public leaders have signed a similar, heavily
subsidized plan for the basketball team.
What was it that opened Houston's treasury when Denver's was closed?
"I can sum the difference up in one word: leverage," Bonham said. "The Denver
teams weren't going anywhere soon. The Rockets got a green light to go."
In Miami, a smaller market where a building was constructed with slightly
more public money than would be spent in Houston, the Heat's first arena was
only 8 years old when the team asked for a new facility.
At first team officials, amid threats of leaving, managed to cut a deal with
the Miami-Dade County Commission to build a $165 million arena on Biscayne
Bay with only $50 million coming from the team.
But leading up to a referendum a new county mayor, Alex Penelas, was elected
in part because he campaigned against public financing for the arena, saying
the county had "given away the kitchen sink."
Later, a deal was struck in which the team paid for the arena's construction
and the county bought bayfront property and helped the team with annual
operating costs.
This dramatic game of building publicly backed sports stadiums with
questionable public support is so familiar throughout the United States that
it has practically become the fifth major league sport.
More than $21.7 billion has been spent or committed on 95 built or planned
big-league stadiums since 1990, and, according to several economists'
calculations, two-thirds of that money comes from public sources.
In Houston, more than two-thirds of the nearly $1 billion in built, planned
or proposed stadiums since 1996 has or would come from public sources.
In spring 1996, citing aging facilities and unprofitable leases, the Oilers
had left town and the Astros were making threats. The still-champion Rockets
were bound here into the new century, but would soon sue to break that lease
and were making no promises beyond 2003.
The Astrodome and Compaq Center had lost their sheen amid a nationwide tide
of stadium building that is only now ebbing. Political leaders decided they
must do something to stop the defection of Houston's pro sports teams.
For several months, a blue-ribbon commission chaired by Pete Coneway and Ben
Love tackled the issue, ultimately deciding, as elsewhere around the country,
that the city and county should help build new facilities for baseball,
football and basketball.
From this blueprint arose the Harris County-Houston Sports Authority, which
has helped fund two of those facilities and is seeking voter approval to
spend its remaining tax revenues on a new downtown basketball arena.
The Astros hit the jackpot with Enron Field, which has propelled their
attendance to more than 3 million for the first time. After the Oilers made
good on their threat to move to Nashville, it took Bob McNair's $700 million
and Texas charm, as well as a $367 million football stadium, to bring the NFL
back.
Sports authority members say that if McNair's experience teaches Houston
anything, it will take a far greater investment than the proposed arena's
costs to return the NBA should the Rockets leave.
They point out as well that in building both the baseball and football
stadiums, although each cost more than the arena, Alexander would pay more
than has either McNair or Astros owner Drayton McLane Jr.
Houston's arena deal, as complicated as it appears, lacks the hidden value
attached to some other deals, which Rockets officials say makes sports team
owners in the other markets appear less mercenary at first blush.
More than two years ago Dallas voters approved a $125 million public
contribution to a new arena by a handful of votes in a citywide referendum.
A scrappy coalition of opponents, which had only $75,000 to spend, tried to
point out that the public was giving up much more than the $125 million.
Beneath that widely reported figure was essentially freedom for the arena
developers, Dallas Mavericks owner Ross Perot Jr. and Dallas Stars owner Tom
Hicks, to proceed with an 18-city block, $1 billion overall development with
the city's blessing.
In January, Perot sold the Mavericks basketball team to Internet billionaire
Mark Cuban.
Perot, who had bought the team only four years earlier, said he was
interested in the new arena largely for the related development
opportunities.
"A lot of people look at a basketball team as an anchor tenant for an arena.
I look at an arena as the anchor tenant for a much larger program," he said
upon selling the Mavericks. His Hillwood Development Corp. retained the
development rights.
To aid the development, the city of Dallas condemned much of the land and
offered as much as $30 million for infrastructure work to spruce up the
property.
The city also let both the Stars, a hockey team, and Mavericks out of their
Reunion Arena leases several years early and went so far as to ensure no
other sports referendums would be on the same ballot. Hillwood also got a 4
percent construction management fee and Hicks 1.5 percent as part of the $325
million in public and private money spent on the arena.
"Oh sure, there were kickbacks and all that," said Sharon Boyd, co-
chairwoman of the opposition group It's a Bad Deal!
"It was like all of a sudden there were five men in Dallas that got free land
and didn't have to pay taxes. That's a sweet deal."
Like Dallas, Atlanta offered Ted Turner a plush real estate deal to keep the
Hawks basketball team in the city, freeing up the NBA team to pay more than
half the arena's actual construction cost.
Hawks' owner Turner Broadcasting Co. was given 10 years to add development to
the public land the arena was built on, with streets, roads, sidewalks and
other needed infrastructure paid for with tax money.
In Los Angeles, the city condemned most of about 30 acres surrounding the
privately developed Staples Center for a hotel, restaurants and an
entertainment district.
"The subsidies take all kinds of forms," said Robert Baade, an economics
professor at Lake Forest College in Illinois.
"The cities and teams have become much more clever about how they finance
these things and hide the public subsidies."
Monday: Who would pay, who would benefit from a new arena.

Graph: 1. Basketball arena deals (p.18); Photos: 2. Houston Rockets Proposal
arena (p.18); 3. San Antonio Spurs: SBC Arena (p. 18); 4. Dallas Mavericks:
American Airlines Center (p.18); 5. Atlanta Hawks: Phillips Arena (p.18); 6.
Denver Nuggets: Pepsi Center (p.18); 7. Los Angeles Lakers, Los Angeles
Clippers: Staples Center (p.18); 8. Miami Heat: American Airlines Arena
(p.18); 9. Indiana Pacers: Conseco Fieldhouse (p. 18)

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


I haven't seen a contract yet on the original 33,000 on TW but Susan thought
the deal was going to be done--she's checking to see where the holdup is.  On
the El Paso capacity, Mavrix never submitted a bid.  I think the deadline got
past us before we were ready.  df

	From:  Mary Kay Miller                           03/05/2001 05:28 PM

To: Drew Fossum/ET&S/Enron@ENRON
cc:

Subject: Re: Mavrix

What is the latest on this?  Did they bid on El Paso?  MK

Drew Fossum
02/09/2001 05:30 PM
To: Susan Scott/ET&S/Enron@ENRON
cc: Mary Kay Miller/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Shelley
Corman/Enron@EnronXGate

Subject: Mavrix

Three to-dos on our Mavrix meeting:
1.  Follow up and make sure the officers get set up correctly.
2.  Talk to Perry Frazier in planning--he is keeping copies of the actual EBB
postings showing that we have had the Ignacio-Thoreau piece of capacity
posted (the 33,000/d).  I'd like you to keep copies of those postings in your
file until Mavrix actually buys that capacity.  If we end up in a fight at
some time, we'll be able to prove the postings were out there, because the
actual postings are not electronically archived, I am told.
3. All Mavrix deals will need initials from legal--probably you, Susan.  For
now, please let me know of any deals Mavrix does with non-Enron pipes.  For
Enron pipes, of course, contract approval will be via our ordinary procedures
and MKM's group and I should be advised as a matter of course.

Thanks.  DF


We have received the executed Confidentiality Agreement with MarchFIRST dated
April 27, 2000.  A copy will be sent to Dave Samuels.


Kay,

The below looks like a good summary of what we discussed on 8/30.  The
pipeline is actually spelled Mahomet, but otherwise this is the right track.

Let's set up a conference call (with Gregg) at your earliest convenience.  I
need to ensure that a document is turned to Peoples as soon as possible and I
had hoped we would be further along at this point.  I know we are all trying
to juggle schedules, however;  I need to determine if we have a resource
issue that requires additional assistance in support of our Chicago business.

Thanx,
Laura

	From:  Kay Mann                           09/11/2000 05:27 PM

To: Laura Luce/Corp/Enron@Enron, Gregg Penman/Corp/Enron@Enron
cc:
Subject: Transfer price agreement

I'm working on the agreement, but since it is taking longer than I had hoped,
I wanted to send you my understanding of the basic premise for your input.
I'll continue to refine/integrate this into a real document while you review
the important stuff:

Hub Services.

&Hub Services8 include (a) transactions entered into by MEH or the PGL HUB
which are subject to Peoples' Hub FERC operating statement, and (b) all
physical transactions which require the use of the Manlove or Mohammad fields
(also known as &exchange8 or &enhanced hub8 services).

The profit [what is profit? Obviously before tax, but otherwise a GAAP
standard?] from Hub Services shall be split as follows:

? For transactions entered into between February 15, 2000 through September
30, 2000, the profit shall be equally shared.

? For transactions entered into from October 1, 2000 to September 30, 2001
(and successive years until September 30, 2004), Peoples will receive the
first $4 million in profit (cumulative, not annual), and will Enron receive
the next $1million in profit.  For any profit exceeding $5 million, Peoples
and Enron will share any on a 50/50 basis.

This arrangement excludes all agency fees paid to MEH.  These fees will be
shared 50/50 from the inception.

All internal costs incurred in the normal course of business will be borne by
the party incurring same. All third party costs will be shared equally, and
require MEH board approval.

PERC Peaking Agreement

PERC has contracts with PGL and with NICOR contracts relating to the
ethane/propane peaking facility. The two existing contracts pay a total of
$2million (approximate or exact) in demand charges annually. Any profit
exceeding $2 million in a year will be shared by Peoples and Enron on a 50/50
basis.

If either of these contracts is extended in any form other than the current
form, then Peoples and Enron share the demand charge and the profit on a
50/50 basis.

Other Transactions

Peoples and Enron will split the profit from any transactions other than
those described above on a 50/50 basis.

Kay


I am setting up an internal meeting/conference call for early next week to discuss the message we want to make at FERC, and to air any sensitivities that these FERC meetings may entail.  I think that we can provide FERC staff with an opportunity to better understand the gas market, and how Enron trades to support its sales.  After agreement on our strategy and how to go forward, I will call and set up meetings with the  appropriate folks at FERC.

I've asked Bernadette Hawkins to set up a conference call.  She will be calling to try to get a convenient time for everyone.

Donna

	Linda Robertson 06/08/2001 12:20 PM 	  To: James D Steffes/NA/Enron@Enron, Mark Taylor/HOU/ECT@ECT, Tom Briggs/NA/Enron@Enron, Chris Long/Corp/Enron@ENRON, John Shelk/NA/Enron@Enron  cc: Christi L Nicolay/HOU/ECT@ECT, Donna Fulton/Corp/Enron@ENRON, Leslie Lawner/NA/Enron@ENRON, Rebecca W Cantrell/HOU/ECT@ECT, Richard Shapiro/NA/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Steven J Kean/NA/Enron@ENRON  Subject: Re: MEET w/ FERC RE: Portfolio Trading

Tom Briggs and I believe that prior to this meeting we should hold an internal session so that we can fully understand what FERC is capable of doing under its existing jurisdiction that effects our portfolio trading operations.  For example, does FERC have the legal authority to compel certificated marketers (EWGs) to maintain certain credit standards, reports on transactions, require that portfolios be balanced or fully hedged, and other items.  Such a discussion would illuminate our ultimate question of strategy, namely whether we believe that this is an area FERC is allowed to examine or whether or position is that these issues are the exclusive jurisdiction of the CFTC.   With respect to your specific suggestion below, we are fine with this approach if it follows the discussion suggested here.

	James D Steffes 06/08/2001 11:58 AM 	   To: Donna Fulton/Corp/Enron@ENRON, Leslie Lawner/NA/Enron@Enron, Rebecca W Cantrell/HOU/ECT@ECT, Christi L Nicolay/HOU/ECT@ECT, Sarah Novosel/Corp/Enron@ENRON  cc: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON  Subject: MEET w/ FERC RE: Portfolio Trading

I would recommend the following --

1.	Enron take a group of traders / commercial people to FERC next week.
	RECOMMENDATION --  Hunter Shively, Bob Superty, Stephanie Miller
2.	Target Audience:  Commissioner Wood's office (him if possible), Kevin Madden, Don Gelinus, other key staff?
3.	Message:  Price in Production Area + Transport DOES NOT EQUAL Market Area Price
		      Financial Markets are Deriviatives of Physical Markets (You Can't Set Price By Financial Trading)
		      We are Portfolio traders and therefore can't "identify" supply and demand on each "deal"
		      AVOID WESTERN GAS CRISIS DISCUSSION

If people agree, let's talk with commercial people today.

Jim

<Embedded StdOleLink>


Updated questions and answers for Enron employees have just been posted to http://home.enron.com/updates/qa.html
We recognize that as active employees you have special concerns and questions related to Enron's bankruptcy filing.  We regret that we are not able to answer all of your questions as quickly as you deserve, but we are working to provide accurate responses to your most important questions about employee benefits, expense payments and so on.  We appreciate your patience as we continue to try to provide timely and reliable information to you.


thanks!  sara

 -----Original Message-----
From: 	Griffin, Scott
Sent:	Wednesday, September 19, 2001 11:10 AM
To:	Shackleton, Sara
Subject:	US Filter Comments on Omnibus and Annex A of a Heating Oil Deferred Premium Call

Sara,

Sorry, about the mix-up, but below are both their reply and our original sample confirmations.

Thanks,

Scott

Scott: here are the comments from the USFilter legal group. Please review
with your legal people and provide a response. The documents to which Keith
refers are the most recent Confirmation for the Deferred Premium call and
the associated Terms and Conditios Addendum.

Thanks,

Tom Fields
Director Strategic Sourcing
US Filter
847.706.6914
847.706.9025 (fax)
847.682.3836 (cell)

fieldst@usfilter.com

Confidentiality Note: This email message and any attachments to it are
intended only for the named recipients and may contain legally priviledged
and/ or confidential information. If you are not one of the intended
recipients, please do not duplicate or forward this email message and
immediaely delete it from your computer.

>  -----Original Message-----
> From: 	Graham, Keith
> Sent:	Thursday, September 13, 2001 11:34 AM
> To:	Fields Tom
> Subject:	Enron Confirmation
>
> Tom:
> 	As best I could determine, the agreement and general terms are
> consistent with the industry standard and are not unreasonable.
> Nonetheless, there are a few minor points worth mentioning, per our
> specialist, as set forth below.
> 2. The Transaction is more of a swap than an option. If Enron insists on
> still calling it a Deferred Premium Call Option, then I would make it
> clear in the Confirmation that (1) the "Swap" payment terms in Section 2
> of the GTC's apply and (2) the "Exercise Period" is inapplicable (given
> that the Confirmation specifies "Automatic Exercise" as being applicable).
>
> 3. The term "Calculation Period" in the Confirm should be "Determination
> Period." I believe that use of the "Calculation Period" is a typo.
> 4. The representation in Section 1(b)(i) should be: " "Eligible Contract
> Participant" as defined in Section 1a(12) of the Commodity Exchange Act,
> as amended."
> 5. Please note that the setoff provision allows setoffs of amounts owed to
> and from Affiliates.  This is a keen legal point because typically
> affiliates have no legal authority to bind one another.
> 6. New York law (not Texas) should apply, per our specialist.
> 	  If you have questions or comments, please let me know.
>
> Keith
>
>
> Confidentiality Note:   This e-mail message and any attachments to it are
> intended only for the named recipients and may contain legally privileged
> and/or confidential information.  If you are not one of the intended
> recipients, please do not duplicate or forward this e-mail message and
> immediately delete it from your computer.

Scott F. Griffin
Enron Global Markets, LLC
1400 Smith Street
Houston, TX 77002-7361

Office:     (713)-853-0973
Mobile:    (713)-503-5686


pls forward eticket for Kevin Hyatt to ECN 1334.
thx

 -----Original Message-----
From: 	Flores, Leticia
Sent:	Friday, March 01, 2002 9:13 AM
To:	Hyatt, Kevin; Gehle Jr., William; Crump, Michael; Ruckle, Jason
Subject:	eTicket Receipt

This message is to inform you that your eTicket receipt is available for pick-up @ ECN 2733A, the desk of Leticia Flores.    Pickup time is between 8:30 am and 4:30 pm.

I realize that some of you may not be in the Houston office, so if you would like for me to mail the receipt to you please send me the address where you would like it delivered.

If you feel you have received this message in error feel free to contact me.

Thank You.
Corporate Travel

Johnny Ross
713-345-3640


Hi Teb,

Thank you again for lunch on Wednesday.  That was very nice of you.  It was great seeing Annette also.  Happy Holidays!

Karen A. Clapper
Enron Gas Logistics - NNG
karen.clapper@enron.com
Ph:  713-853-6735
Fx:  713-646-8000


Attached is the NDA for the referenced counterparty.


We show the nom for Teco Tap to be 30.000  and the Actual for Teco Tap is
21.814

---------------------- Forwarded by Melissa Jones/Texas Utilities on
02/08/2001
10:52 AM ---------------------------

kponton@duke-energy.com on 02/08/2001 09:06:50 AM

To:   David Avila/LSP/ENSERCH/US@TU, Charlie Stone/Texas Utilities@TU, Melissa
      Jones/Texas Utilities@TU
cc:
Subject:  2/07/01 GAS FLOW

NOM = 17,500 (6:00 PM STARTED 60,000 RATE & SHUT OFF AT 1:00 AM)

ACTUAL FLOW = 21,076 MCF     21,814 MMBtu's


Subject: Vermont Yankee Notification

July 13, 2001

TO:		Vermont Yankee Stakeholders

FROM:	Bobbi Kilburn - Treasury and Risk Administrator

SUBJECT:  	Rod Adjustment

Vermont Yankee will be performing a rod adjustment as follows:

VY will decrease power by 6% on Wednesday, July 25, 2001 from 2200 (10:00pm)
- 2300 (11:00pm).  The plant will return to 100% power by 2300 (11:00pm) on
Wednesday, July 25, 2001.

Should you have any questions please contact me at (802) 258-4120.

Thank you,

Bobbi J. Kilburn
Treasury & Risk Administrator
Vermont Yankee Nuclear Power Corporation
(802) 258-4120
Bobbi.Kilburn@vynpc.com


---------------------- Forwarded by Andrea Ring/HOU/ECT on 07/11/2000 04:40
PM ---------------------------

John Craig Taylor
06/14/2000 12:05 PM
To: Sandra F Brawner/HOU/ECT@ECT, Andrea Ring/HOU/ECT@ECT, Susan W
Pereira/HOU/ECT@ECT
cc:
Subject:

> Subject: Fw: Funny quotes from famous people!!
>

> > > > > Ah, yes, divorce......., from the Latin word
> > > > > meaning to rip out a man's
> > > > > genitals through his wallet.
> > > > > Robin Williams
> > > > > -------------------------------------------------------
> > > > > Women complain about premenstrual syndrome, but I
> > > > > think of it as the only
> > > > > time of the month that I can be myself.
> > > > > Roseanne
> > > > > -------------------------------------------------------
> > > > > Women need a reason to have sex. Men just need a
> > > > > place.
> > > > > Billy Crystal
> > > > > -------------------------------------------------------
> > > > > You can say any foolish thing to a dog, and the
> > > > > dog will give you a look
> > > > > that says, "My God, you're right! I never would've
> > > > > thought of that!"
> > > > > Sean Connery
> > > > > ------------------------------------------------------
> > > > > According to a new survey, women say they feel
> > > > > more comfortable
> > > > > undressing in front of men than they do undressing
> > > > > in front of other women.
> > > > > They say that women are too judgmental, where, of
> > > > > course, men are just
> > > > > grateful.
> > > > > Robert De Niro
> > > > > -------------------------------------------------------
> > > > > I am not the boss of my house. I don't know how I
> > > > > lost it. I don't know
> > > > > when I lost it. I don't think I ever had it. But
> > > > > I've seen the boss's job
> > > > > and I don't want it.
> > > > > Bill Cosby
> > > > > ------------------------------------------------------
> > > > > In the last couple of weeks I have seen the
> > > > > ads for the Wonder Bra. Is
> > > > > that really a problem in this country? Men not
> > > > > paying enough attention to
> > > > > women's breasts?
> > > > > Hugh Grant
> > > > > ------------------------------------------------------
> > > > > We have women in the military, but they don't put
> > > > > us in the front lines.
> > > > > They don't know if we can fight or if we can kill. I
> > > > > think we can. All the
> > > > > general has to do is walk over to the women and say,
> > > > > "You see the enemy over
> > > > > there? They say you look fat in those uniforms."
> > > > > Elayne Boosler
> > > > > -------------------------------------------------------
> > > > > There's a new medical crisis. Doctors are
> > > > > reporting that many men are
> > > > > having allergic reactions to latex condoms. They say
> > > > > they cause severe
> > > > > swelling. So what's the problem?
> > > > > Dustin Hoffman
> > > > > ------------------------------------------------------
> > > > > When the sun comes up, I have morals again.
> > > > > Elizabeth Taylor
> > > > > -------------------------------------------------------
> > > > > There's very little advice in men's magazines,
> > > > > because men don't think
> > > > > there's a lot they don't know. Women do. Women want
> > > > > to learn. Men think, "I
> > > > > know what I'm doing, just show me somebody naked."
> > > > > Jerry Seinfield
> > > > > -------------------------------------------------------
> > > > > Instead of getting married again, I'm going to
> > > > > find a woman I don't
> > > > > like and just give her a house.
> > > > > Rod Stewart
> > > > > -------------------------------------------------------
> > > > > See, the problem is that God gives men a brain
> > > > > and a penis, and
> > > > > only enough blood to run one at a time.
> > > > > Robin Williams
> > > > >
> > > > >
> > > > >
> > > >


Dear Sr. Rivera,

I'm writing on behalf of Mr. Jeff Skilling in response to your e-mail below.

Mr. Skilling is very interested in meeting with Sr. Rafael Miranda.
Unfortunately, he does not have any planned trips to Europe within the next
couple of months, though that may change after the first of the year.  If,
however, Sr. Miranda has any plans to be stateside, I would be happy to
arrange a time for the two of them to meet.

I look forward to hearing from you soon.

Regards,
Sherri Sera
Assistant to Jeff Skilling
713.853.5984
713.646.8381 (fax)
sherri.sera@enron.com

"Rivera Novo, Luis" <lrivera@endesa.es> on 12/03/2000 01:58:58 PM
To: JEFFREY K. SKILLING (Correo electr?nico) <jeff.skilling@enron.com>
cc:

Subject: contact

> Dear Jeff,
>
> Although I don't think we've met each other in person, we've been together
> in McKinsey for at least several years. I joined the Firm in 86 and left
> in 98 to become EVP at Endesa. Since then, we have had sporadic contacts
> with your people at this side of the Atlactic, specifically with Marc
> Frevert and Eric Gonzales.
>
> As you may know, we are right now in the process of merging with
> Iberdrola, the second Spanish electric company. If the merger is
> successful, we will be  "reinventing ourselves", as we will divest close
> to $15b of Spanish electric assets and reinvest the proceedings in new
> businesses and geographies.
>
> Last week, I discussed with Rafael Miranda, my boss and Endesa CEO, our
> interest to develop a formal contact with his counterpart at Enron, and I
> suggested him that I would contact you in that  respect. If the interest
> exists also on your part, please let me know.
>
> As a reference, I am attaching you the presentation we have been using
> with investors and analysts in our more recent roadshow.
>
> I hope to meet you in person soon. Warmest regards.
>
>  <<LEO_Equity_Story_C(10)_English.ppt>>
>
> Luis Rivera
> Director General de Planificaci?n y Medios
> ENDESA
> Tel.: +34915668615
> lrivera@endesa.es
> _________________________________________________________________________
> This message is for the named person's use only.  It may contain
> confidential, proprietary
> or legally privileged information.  No confidentiality or privilege is
> waived or lost by any
> mistransmission. If you receive this message in error, please immediately
> delete it and all
> copies of it from your system, destroy any hard copies of it and notify
> the sender.  You
> must not, directly or indirectly, use, disclose, distribute, print, or
> copy any part of this
> message if you are not the intended recipient. ENDESA and each of its
> subsidiaries each
> reserve the right to monitor all e-mail communications through its
> networks.  Any
> views expressed in this message are those of the individual sender, except
> where the
> message states otherwise and the sender is authorised to state them.
> _______________________________________________________________
>
>
>
>
>
>
 - LEO_Equity_Story_C(10)_English.ppt


John,

Attatched is the GDP deflator curve. Let me know if there is anything I can
do. Pull me in if  there's anything interesting

Marsha
---------------------- Forwarded by Marsha Francis/Corp/Enron on 12/07/2000
01:40 PM ---------------------------
   Maureen Raymond                12/07/2000 09:51 AM

Sent by: Yana Kristal
To: Marsha Francis/Corp/Enron@Enron
cc:
Subject: US GDP Deflator 12/06/00

Attached is the US GDP deflator forecast dated 12/06/00.

Regards,
Yana Kristal for
Maureen Raymond- Castaneda


Paul,

Attached is the Reserve Report form 9/00 with a qualifier of rr900, a letter
explaning why production has dropped, a spreadsheet with updated production
vs. line pressures and a net back calculation sheet (utilized for wellhead
pricing) . As soon as I get the updated LOE's, I will send them to you.

Jim

Gerald, please see the pressure letter and graph.  For your information.

 - SA VPP GAS.exe
 - San Arroyo Pressure Letter.doc
 - Sa Production  Line Pressure  Graphs.xls
 - Netback calculation - Crescndo.xls


George/Norm because there is no immediate concern or liability with the
partially filled excavation, I want us wait for the official letter from the
tribe before taking it upon ourselves to fill the excavation.  I dont want to
send  a message to the Lagunas about us taking environmental matters into our
own hands without involvement from the tribe.  If there is a reason to
expidite the covering of this open area, then lets  send another  letter
requesting to do so.  Given the other issues yet to be resolved at the
station, lets keep the tribe involved and a part of our environmental
activities.  I want to maintain a good working relationship with these
people.

As you may remember, they were a little irritated by Transwestern's neglect
of not keeping them in the loop previously.  Lets not open that type of issue
again......

George Robinson
05/05/2000 02:00 PM

To: Norm Gonzales/ET&S/Enron@Enron
cc: Larry Campbell/ET&S/Enron@ENRON

Subject: Sta. 6 UST Excavation

Norm:
Per our telephone discussion this afternoon, I suggest you go ahead and
backfill what remains of the open excavation that was created when the diesel
UST was removed. A closure report was submitted to Ms. Bernacik of the Laguna
Pueblo Environmental Department in January. We have not received a formal
response from the Pueblo yet, but in a phone conversation, Ms. Bernacik
indicated that they would have to take a closer look at the report before
making a decision. Regardless, I don't think we need to wait on an approval
of the closure report before backfilling the excavation.
Thanks, George


How in the hell do you get out of work at 3:45? Well, you've inspired me -
I'm going to haul ass home and maybe make it there by 6 pm - whoo-hoooooo!
But seriously, call me tonight if you get a chance. If not, I'll try you (if
I can dig up your home number somewhere) or call when you get into town this
weekend. I'll be around, so we HAVE to hang out at least once. 'Kay? Or I'll
just stalk you. 'Kay? Take care.

Love,
Kate


Football Commissioner 2001

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+--------------------------------------------------------------------------+
| Statistics, Scoring                               Luccis Losers, Current |
+--------------------------------------------------------------------------+

Luccis Losers Actives

PLAYER           POS SCORING                                                                SCORE
Warner, Kurt     QB  291 PaYd (10 Pts), 1 PaTD (1) (6 Pts), 2 PaInt (-2 Pts), 1 FL (-1 Pt)  13.0
Garner, Charlie  RB  68 RuYd (6 Pts), 38 ReYd (3 Pts), 1 ReTD (21) (6 Pts)                  15.0
Staley, Duce     RB  50 RuYd (5 Pts), 40 ReYd (4 Pts)                                       9.0
Booker, Marty    WR                                                                         0.0
Carter, Cris     WR  45 ReYd (4 Pts)                                                        4.0
Hilliard, Ike    WR  11 ReYd (1 Pt)                                                         1.0
Akers, David     K   1 FG (49) (5 Pts)                                                      5.0
Ravens           DT  4 SACK (4 Pts)                                                         4.0

TOTALS                                                                                51.0

Luccis Losers Reserves

PLAYER             POS ST  SCORING                                                        SCORE
Alstott, Mike      RB  RS  34 RuYd (3 Pts), 2 RuTD (7,8) (12 Pts), 31 ReYd (3 Pts)        18.0
Cleeland, Cameron  TE  RS                                                                 0.0
Hakim, Az-Zahir    WR  RS  29 ReYd (2 Pts), 1 FL (-1 Pt)                                  1.0
Hayes, Donald      WR  RS  29 ReYd (2 Pts)                                                2.0
McKnight, James    WR  RS                                                                 0.0
Parker, Larry      WR  RS  16 ReYd (1 Pt)                                                 1.0
Van Pelt, Alex     QB  RS  309 PaYd (18 Pts), 3 PaTD (80,1,54) (24 Pts), 1 PaInt (-1 Pt)  41.0

TOTALS                                                                                63.0

+--------------------------------------------------------------------------+
| NFL Reports, Player Updates                                              |
+--------------------------------------------------------------------------+

Latest NFL Player News

Freddie Jones, TE SD - Free Agent Updated 11/27/01
San Diego Head Coach Mike Riley said Monday that he is optimistic Jones
will be able to play Sunday. He has been sidelined by an ankle injury.

Wade Richey, K SD - Dont Mess Updated 11/27/01
Richey is likely to lose the starting placekicking job with the Chargers if
they sign Steve Christie to a contract. San Diego would shift Richey to
kickoffs only, after he missed two short field goals Sunday to drop to
21-for-30 on the season. In that case, you should drop Richey from your
roster.

Steve Christie, K BUF - Free Agent Updated 11/27/01
The Chargers are expected to sign Christie on Tuesday provided he passes a
physical, according to the San Diego Union-Tribune. He would handle
the field-goal chores for the remainder of the season, with Wade Richey
shifting to kickoffs. If you're a Richey owner and need a kicker, Christie
might be worth a pickup based on past history, but don't expect him to be
one of the better kickers in the league even if he does get the starting
job.

Mark Brunell, QB JAC - President Taft Updated 11/27/01
Brunell is questionable for Monday's game against Green Bay, the third
straight week his status has been in question due to continued pain in his
quadriceps muscle. He will be limited again in practice, and it's probably
a good idea to keep him on reserve for Week 12 in your league.

Terrell Davis, RB DEN - Houston Big Ballers Updated 11/27/01
Davis should be able to return from arthroscopic knee surgery in time for
Sunday's game against Miami. He will practice this week before a final
decision is made, but we're skeptical the Broncos won't have him split
carries with Mike Anderson, limiting both players' Fantasy values.

Keith Poole, WR DEN - Free Agent Updated 11/27/01
Poole has bruised ribs that will likely keep him on the sidelines for
Sunday's game against Miami. If he can't play, Kevin Kaspar would start in
his place, and the Denver passing game would further suffer.

Rod Smith, WR DEN - Blue Balls Updated 11/27/01
Smith now has two sprained ankles, and is questionable for Sunday's game
against Miami. If he can't play, then the Broncos might have to start Kevin
Kaspar and Chris Cole at wideout, depending on Keith Poole's recovery from
a rib injury.

James Jackson, RB CLE - Uran Man Updated 11/27/01
Jackson's ankle remains sore, and he will be re-evaluated Wednesday to
determine his status for Sunday's game against Tennessee. Benjamin Gay and
Jamel White would continue to split carries if Jackson can't go.

Neil Rackers, K CIN - Free Agent Updated 11/27/01
Bengals Head Coach Dick LeBeau said Monday he has not yet made a decision
on the status of Rackers, who missed two field-goal chances Sunday. He is
9-for-18 in field goals this season, and Jaret Holmes has been on the
practice squad since Nov. 1. Rackers will likely retain the job for
Sunday's game against Tampa Bay, but he's a very risky Fantasy starter
based on his struggles.

Akili Smith, QB CIN - Free Agent Updated 11/27/01
Bengals Head Coach Dick LeBeau said Monday that Smith might be promoted to
No. 2 quarterback, according to The Cincinnati Enquirer. "If that's
what they're going to do, maybe the Bengals need to get rid of me," Smith
said, citing a desire to be traded if he's used in a mop-up role. He's not
a recommended Fantasy choice, although it's important to note that he's now
likely next in line if Jon Kitna gets hurt.

Terry Allen, RB BAL - Texas Terminators Updated 11/27/01
Allen, who remains out with a broken hand, could return to the lineup on
Dec. 16. With the Ravens losing Jason Brookins to an injury, don't be
surprised if Allen takes back the starting job once healthy. Hold onto him
if you have the room on your reserve list or play in a deeper league.

Moe Williams, RB BAL - Texas Terminators Updated 11/27/01
Williams becomes the Ravens' featured back after the injury to Jason
Brookins. If you play in a deeper league or are desperate for a running
back, consider picking up Williams, although you shouldn't expect him to
post great stats unless the matchup is very favorable.

Jason Brookins, RB BAL - Free Agent Updated 11/27/01
Results of X-rays on Brookins' foot revealed a fracture of a bone in his
small toe, which will sideline him for at least four weeks and possibly the
rest of the season. Moe Williams becomes the Ravens' starting running back,
and might be worth adding to your roster in a deeper league.

Wayne Chrebet, WR NYJ - Dont Mess Updated 11/27/01
Chrebret did not practice Monday because of a shoulder injury. However,
The New York Newsday reports that he is expected to play in Sunday's
game.

Jake Arians, K BUF - Free Agent Updated 11/27/01
Arians has been released by the Bills. Buffalo has signed Shayne Graham to
replace him.

Edgerrin James, RB IND - President Taft Updated 11/27/01
Colts coach Jim Mora said James' surgery to repair a torn ligament in his
left knee was successful Saturday in Miami. Mora said he received the news
from orthopedic surgeon Dr. Arthur Rettig, a team physician. "I spoke with
him Saturday and he told me it went very well," Mora said. James, the
two-time NFL rushing champion, injured the knee when he was tackled
awkwardly late in a game at Kansas City on Oct. 25. He was placed on
injured reserve last week. James' rehabilitation is expected to take seven
months. He is not expected to take part in either of the Colts offseason
minicamps. Team president Bill Polian has not said whether James will be
ready for the start of training camp.

Terry Glenn, WR NE - Grid Iron Goons Updated 11/27/01
Glenn could be put on injured reserve if he doesn't recover from a
hamstring injury soon. That would mean the end of his season, and perhaps
the end of his Patriots career. "I haven't reached it yet," coach Bill
Belichick said Monday when asked when he would decide if the roster spot
would be better spent on someone other than Glenn. "But as each day goes
by, it gets a little bit closer."

Shayne Graham, K SEA - Free Agent Updated 11/27/01
The Buffalo Bills signed Graham as their kicker Tuesday, a day after Jake
Arians was released following a missed point-after against the Miami
Dolphins. Graham had been released by the Seattle Seahawks before the start
of the season.

Stephen Alexander, TE WAS - Free Agent Updated 11/27/01
Alexander, who has been hampered by a ankle injury, returned to action on
Sunday. He didn't start, however, and may lose playing time to both Walter
Rasby and Zeron Flemister for the rest of the season. Unless you play in a
deeper league, dropping Alexander is advisable.

Az-Zahir Hakim, WR STL - Luccis Losers Updated 11/27/01
Hakim, who is dealing with an ankle injury, played in Monday night's 24-17
loss to Tampa Bay. He had three catches for 29 yards in the game.

Kevan Barlow, RB SF - Grid Iron Goons Updated 11/27/01
Barlow suffered a dislocated shoulder during Sunday's win over
Indianapolis. "It's throbbing," Barlow told the Contra Costa Times.
"I couldn't really sleep last night. I had to sleep sitting up. It's
hurting." Barlow is listed as doubtful for Sunday's game against Buffalo,
so be sure to place him on reserve.

Terrell Owens, WR SF - Team Chick Updated 11/27/01
Owens suffered a sprained right foot on Sunday to go along with his
sprained left ankle. X-rays were negative, but Owens' foot was placed in a
protective boot as a precaution. He is expected to miss some practice time
this week, but he will be in the starting lineup on Sunday when the Niners
face Buffalo.

Jeff Thomason, TE PHI - Free Agent Updated 11/27/01
Thomason suffered a hyperextended knee during Sunday's loss to Washington.
He missed practice on Monday, and is status for Week 12 is uncertain at
this time. The reserve tight end has very little value as a Fantasy player.

Donald Driver, WR GB - Free Agent Updated 11/27/01
Driver, who has been inactive for three straight weeks due to a thigh
injury, returned to practice on Monday. His status for Week 12 remains
unclear, but he's not worth starting on your Fantasy team in any event.

Tyrone Davis, TE GB - Free Agent Updated 11/27/01
Davis, who has been out all year due to a hamstring injury, will likely
find out what his status with the Packers will be this week. Depending on
his health, the team will either activate him, place him on injured reserve
or cut him altogehter.

James Stewart, RB DET - Orange Roughy Updated 11/27/01
Stewart, who suffered a neck stinger in last Thursday's game against Green
Bay, is expected to be available for Week 12. He'll have a tough time
posting good Fantasy numbers against Chicago's tough run defense, but the
lack of depth at running back in the league makes it tough to bench him.

Charlie Batch, QB DET - Houston Big Ballers Updated 11/27/01
According to the Detroit Free Press, Batch is expected to start
Sunday's game against Chicago despite a groin injury. "This is Charlie's
offense," coach Marty Mornhinweg said. "He practiced a little bit
today...he was in all weekend getting (the injury) treated...I would expect
him close to full speed Wednesday." He'll likely lose snaps to rookie QB
Mike McMahon, however, so starting Batch is a risky proposition.

Jackie Harris, TE DAL - Free Agent Updated 11/27/01
Harris missed last week's game against Denver due to a hamstring injury.
The veteran tight end is listed as day to day.

Anthony Thomas, RB CHI - President Taft Updated 11/27/01
According to coach Dick Jaroun, Thomas' status for Week 12 is still
uncertain. In fact, the Bears don't expect to know if Thomas, who is
dealing with a hamstring injury, will be available until later in the week.

Brad Hoover, RB CAR - Free Agent Updated 11/27/01
Hoover (neck) will likely be held out of practice this week. However, the
Panthers are hopeful that he'll be available for Sunday's game against New
Orleans.

Chris Weinke, QB CAR - Houston Big Ballers Updated 11/27/01
Despite his inconsistent play and 14 interceptions, Weinke's job as
Carolina's No. 1 quarterback is secure. "There've been quarterbacks who
have gone on to be very successful that have gone through times like this,"
coach George Seifert told the Charlotte Observer. "Even though there
are a number of these plays that haven't turned out and there have been
disruptions in his play, I think, ultimately, it will be more beneficial
than not." While he may be the starting quarterback in Carolina, Weinke
isn't worth a roster spot in most Fantasy leagues.

Frank Sanders, WR ARI - Dont Mess Updated 11/27/01
Sanders, who left Sunday's game against San Diego due to nagging hamstring
injuries, is questionable for the Cards' Week 12 matchup at Oakland.
However, he is optimistic that he'll be available for the game. "I'll be
there," Sanders told the Arizona Republic. "They're just real sore
from doing a lot of running and jumping - normal wear and tear." In any
event, keeping Sanders on your bench may be a good idea against the tough
Oakland secondary.

Rob Moore, WR ARI - Free Agent Updated 11/27/01
Moore (hamstring) was supposed to begin some light running last week, but
he ended up doing nothing of the sort. "He hasn't made a lot of progress,"
coach Dave McGinnis told the Arizona Republic. "We're going to come
to a point where we're going to have to make a decision." Moore, who has
missed the entire season due to injury, could be placed on the injured
reserve list this week.

Olandis Gary, RB DEN - Houston Big Ballers Updated 11/26/01
The Broncos placed Gary on injured reserve Monday, and signed Karon Coleman
to the active roster. This officially ends Gary's season, as he suffered a
broken leg on Thursday. Drop him from your roster.

Daunte Culpepper, QB MIN - DRock's Beaatchs Updated 11/26/01
Culpepper sustained a contusion on his left knee in the second half of
Sunday's game against Chicago, but remained in the game. He did not throw a
touchdown pass for the first time this season, however, and has been very
inconsistent all year. Don't be surprised if Culpepper continues to
struggle if he doesn't get 100 percent healthy from this injury by Week 12.

Charlie Batch, QB DET - Houston Big Ballers Updated 11/26/01
It is unclear who will start at quarterback for the Lions on Sunday against
Chicago, as Batch is still sore from strained groin muscles that limited
him on Thursday. Mike McMahon has been getting most of the playing time
when Batch can't go, but the Lions' management might start Ty Detmer due to
the tough Bears secondary. We don't recommend any of the three for Week 12.

Quincy Carter, QB DAL - Free Agent Updated 11/26/01
The Cowboys announced Monday that Carter will replace Ryan Leaf as their
starting quarterback for next Sunday's game against Washington. Carter
started the first game of the season for Dallas, and is 10-for-24 for 38
yards and no touchdowns on the year. We don't recommend him in any league
this season.

Anthony Thomas, RB CHI - President Taft Updated 11/26/01
Thomas, who missed Sunday's game against Minnesota with a pulled right
hamstring, hopes to return next Sunday against Detroit. Keep an eye on his
progress during practice this week before you make a final decision on him.

Frank Sanders, WR ARI - Dont Mess Updated 11/26/01
Sanders is expected out five-to-seven days due to a nagging hamstring
problem that limited him to the first two series of Sunday's game against
San Diego. Check back on his status before making a final decision on him
for Week 12.

Jeff Graham, WR SD - Really Rottens Updated 11/26/01
Graham suffered a bruised thigh in Sunday's loss to Arizona. His current
status is day to day.

Jason Brookins, RB BAL - Free Agent Updated 11/26/01
Brookins may miss the rest of the season with a broken foot. Baltimore will
elevate Moe Williams into the starting role and use fullback Obafemi
Ayanbadejo as a backup.

Kevan Barlow, RB SF - Grid Iron Goons Updated 11/26/01
Barlow dislocated his left shoulder Sunday. His status for next week has
not been determined yet.

James Jackson, RB CLE - Uran Man Updated 11/26/01
Jackson re-aggravated his ankle injury on Sunday. His current status is day
to day.

Peter Warrick, WR CIN - Dont Mess Updated 11/26/01
Warrick is listed as questionable for Sunday's game against the Buccaneers.
He was taken for X-rays on his injured shoulder in the second quarter of
Cincinnati's Week 11 loss to the Browns.

Jon Kitna, QB CIN - Blue Balls Updated 11/26/01
Kitna will keep the starting job for the Bengals despite being benched at
halftime against the Browns. He was replaced by an ineffective Scott
Mitchell, who was then lifted for Akili Smith late in the game. None of the
Bengals' QBs are worth using in Fantasy leagues right now.

Keenan McCardell, WR JAC - Uran Man Updated 11/25/01
McCardell caught six passes for 80 yards against Baltimore. He has
certainly raised the level of his play in recent weeks, and should be a
solid Fantasy player down the stretch as opponents continue to focus on
Jimmy Smith.

Stacey Mack, RB JAC - DRock's Beaatchs Updated 11/25/01
Mack rushed for 50 yards and two TDs and caught five passes for 45 yards
against the Ravens. Despite his good outing, Mack remains a Fantasy risk
because of his inconsistency.

Qadry Ismail, WR BAL - Blue Balls Updated 11/25/01
The Jaguars held Ismail to three catches for 44 yards. Despite his quiet
statistical performance, Ismail remains a must-start player for any Fantasy
team. He is one of the most complete and underrated receivers in the AFC.

Jason Brookins, RB BAL - Free Agent Updated 11/25/01
Brookins rushed for 82 yards and two TDs at Jacksonville, but also lost a
fumble. The rookie RB is talented, but too erratic to be a Fantasy starter
on most teams right now.

Ron Dayne, RB NYG - Texas Terminators Updated 11/25/01
Dayne carried the ball six times for 26 yards against Oakland. Don't depend
on him for good numbers during the remainder of the season.

Tiki Barber, RB NYG - Team Chick Updated 11/25/01
Barber rushed for 124 yards and a TD against Oakland, and caught five
passes for 41 yards. He has played well recently, although his owners would
still like to see him score on a more consistent basis.

LaDainian Tomlinson, RB SD - DRock's Beaatchs Updated 11/25/01
Tomlinson was held out of the end zone, but he had a good day against
Arizona nonetheless. The rookie tailback had 145 scrimmage yards, including
13 receptions, in San Diego?s 20-17 loss.

Doug Flutie, QB SD - President Taft Updated 11/25/01
Flutie had a solid game, throwing for 308 yards and two touchdowns against
Arizona. However, he?s only worth starting when the matchup is to his
advantage.

Jake Plummer, QB ARI - Really Rottens Updated 11/25/01
Plummer had a decent outing on Sunday, posting 241 yards and a touchdown
against San Diego. Plummer, who also threw two picks, is only a reserve
Fantasy quarterback at best.

David Boston, WR ARI - Blue Balls Updated 11/25/01
Boston had another outstanding game, catching six passes for 121 yards and
a touchdown against San Diego. He?s one of the most reliable Fantasy
receivers in the league, and is worth starting on a weekly basis.

Willie Jackson, WR NO - Texas Terminators Updated 11/25/01
Jackson had a good outing against New England, catching five catches for 78
yards and a touchdown. He may not be the most dependable Fantasy receiver,
but he is worth starting in deeper leagues.

Joe Horn, WR NO - President Taft Updated 11/25/01
Horn had another solid outing, catching four passes for 97 yards against
New England. He?s been a very dependable receiver in recent weeks and is
worth starting on a weekly basis.

Tyrone Wheatley, RB OAK - Uran Man Updated 11/25/01
In his return from a knee injury, Wheatley carried the ball five times for
17 yards. Zack Crockett was used more often in short-yardage packages, and
Wheatley does not appear capable of starting for any Fantasy team in the
near future. Even when he is fully healthy, he may not be able to take many
carries away from Charlie Garner.

Antowain Smith, RB NE - Team Dick Updated 11/25/01
Smith had 153 yards of total offense and two touchdowns against New
Orleans. After a slow start, Smith has become a pretty good weekly option
for Fantasy Footballers

Tom Brady, QB NE - Uran Man Updated 11/25/01
Brady put up huge numbers against New Orleans, posting 258 yards passing
and four touchdowns. He?s become a pretty reliable Fantasy player, and his
performance will likely keep Drew Bledsoe on the Patriots? bench for
another week.

Rich Gannon, QB OAK - Team Chick Updated 11/25/01
Gannon threw for 221 yards, three TDs and no interceptions against the
Giants. He ignored rain-soaked conditions, and continued to look like the
most reliable QB in Fantasy Football.

Frank Sanders, WR ARI - Dont Mess Updated 11/25/01
Sanders left Sunday's game against San Diego after re-aggravating a
hamstring injury. He was replaced by MarTay Jenkins, and did not return to
the game.

Eric Moulds, WR BUF - Really Rottens Updated 11/25/01
Moulds finally emerged from an extended slump, catching six passes for 196
yards and two TDs against Miami. He also lost a fumble, and Fantasy owners
should still remember that Moulds has been a disappointment for most of the
year. Don't be surprised if he follows his best outing of the year with a
mediocre performance.

Alex Van Pelt, QB BUF - Luccis Losers Updated 11/25/01
Van Pelt had another fine game, throwing for 309 yards, three TDs and one
interception. He is definitely merits strong Fantasy consideration as long
as he remains in Buffalo's starting lineup.

Oronde Gadsden, WR MIA - Team Dick Updated 11/25/01
Gadsden caught eight passes for 118 yards at Buffalo. He did not catch a TD
pass, though, and lost a fumble. Gadsden is too unreliable to start for
most Fantasy teams in these important final weeks.

Jay Fiedler, QB MIA - C-Dawg's Boyz Updated 11/25/01
Fiedler threw for 262 yards, three TDs and no interceptions at Buffalo. His
performance may have quieted talk of a QB controversy, but Fiedler is still
too inconsistent to be a dependable Fantasy QB.

Donovan McNabb, QB PHI - Team Dick Updated 11/25/01
The Redskins held McNabb to 92 passing yards and 39 rushing yards, with no
TDs or interceptions. Expect the Philadelphia QB to rebound quickly from
such a quiet performance.

James Thrash, WR PHI - President Taft Updated 11/25/01
Thrash caught four passes for 32 yards against Washington. He is too
inconsistent to be a starter on better Fantasy teams as the playoffs
approach.

Rod Gardner, WR WAS - Houston Big Ballers Updated 11/25/01
Gardner caught four passes for only 33 yards on Sunday. The rookie has
slowed down considerably in the past few weeks, and now seems like a risk
during the Fantasy homestretch.

Ki-Jana Carter, RB WAS - Really Rottens Updated 11/25/01
Carter saw extensive action on Sunday as Stephen Davis played through back
problems. He carried 18 times for 56 yards, and is a good backup to have if
Davis in on your Fantasy team. Davis has always been known to battle minor
injuries.

Isaac Byrd, WR CAR - Free Agent Updated 11/25/01
Byrd started in place of the injured Muhsin Muhammad on Sunday. He posted
decent Fantasy numbers in Muhammad's absence, catching five passes for 69
yards in Carolina's 10-7 loss to Atlanta.

Muhsin Muhammad, WR CAR - Orange Roughy Updated 11/25/01
Muhammad missed Sunday's game against Atlanta due to a shoulder injury. His
status for next weekend's game against New Orleans is unknown at this time.

Derrick Alexander, WR KC - C-Dawg's Boyz Updated 11/25/01
Alexander caught two passes for 56 yards in his return from a rib injury.
He was not open often, and Alexander may continue to be a Fantasy
disappointment if he stays healthy.

Chris Chandler, QB ATL - Orange Roughy Updated 11/25/01
Chandler had a subpar game on Sunday, throwing for only 132 yards against
Carolina. The Falcons chose to attack Carolina with their ground game,
which was the reason for Chandler's poor Fantasy numbers.

Derrick Alexander, WR KC - C-Dawg's Boyz Updated 11/25/01
Alexander caught two passes for 56 yards in his return from a rib injury.
He was not open often, and Alexander may continue to be a Fantasy
disappointment if he stays healthy.

Bob Christian, RB ATL - Free Agent Updated 11/25/01
Christian had a surprisingly strong game on Sunday, posting 122 yards of
total offense and a touchdown against Carolina. He may be worth a roster
spot in deeper leagues, but don't expect these type of numbers from
Christian on a weekly basis.

Dominic Rhodes, RB IND - President Taft Updated 11/25/01
Rhodes had a solid game against San Francisco, posting 147 scrimmage yards
and a touchdown. Look for Rhodes to be a dependable Fantasy player for the
remainder of the year.

Priest Holmes, RB KC - Houston Big Ballers Updated 11/25/01
Holmes rushed for 120 yards and caught three passes for 70 yards against
the Seaahwks, but both of Kansas City's TDs were scored by other RBs. You
can depend on Holmes for fine yardage totals down the stretch, but he will
continue to lose carries to Tony Richardson and other backs in the red
zone.

Peyton Manning, QB IND - Orange Roughy Updated 11/25/01
Manning had 374 yards passing and a touchdown against San Francisco, but he
also threw four interceptions. The Colts' quarterback is definitely having
a down year, but it's still tough to bench a guy with as much potential as
Manning.

Koren Robinson, WR SEA - Orange Roughy Updated 11/25/01
Robinson caught three passes for only 29 yards at Kansas City. A week after
catching his first pro TD, Robinson has reverted back to being a mediocre
Fantasy player.

Terrell Owens, WR SF - Team Chick Updated 11/25/01
Owens came up huge for San Francisco once again, catching six passes for
103 yards and a touchdown against Indianapolis. He may very well be the
best receiver in Fantasy Football at this point.

Garrison Hearst, RB SF - Really Rottens Updated 11/25/01
Hearst had 106 yards rushing and two touchdowns against Indianapolis on
Sunday. Hearst has had three consecutive solid weeks, and is proving his
worth as a Fantasy player.

Derrick Mason, WR TEN - C-Dawg's Boyz Updated 11/25/01
Mason compiled seven catches for 114 yards against Pittsburgh on Sunday.
He's been a pretty reliable Fantasy player in recent weeks, especially now
that the Titans are throwing the ball more on offense.

Shaun Alexander, RB SEA - Houston Big Ballers Updated 11/25/01
The Chiefs held Alexander to 43 rushing yards, but he did manage to catch
six passes for 62 yards and a TD. Even if opponents manage to stop him on
the ground, Alexander can still be a threat as a receiver on flat and short
passes.

Steve McNair, QB TEN - Houston Big Ballers Updated 11/25/01
McNair put up 334 yards passing and three touchdowns (two passng, one
rushing) on Sunday against Pittsburgh. He's been surprisingly solid in
recent weeks, especially when Tennessee is behind late in the game.

Plaxico Burress, WR PIT - DRock's Beaatchs Updated 11/25/01
Burress had a great game against Tennessee, posting eight catches for 114
yards and a touchdown. He may not be a highly dependable Fantasy player,
but he's worth starting when the matchup is right.

Kordell Stewart, QB PIT - Team Dick Updated 11/25/01
Stewart had another big game, posting 254 yards passing and two touchdowns
against Tennessee. "Slash" also had 54 yards rushing and a touchdown, and
seems to have established himself as a decent option for Fantasy owners in
recent weeks.

Kevin Johnson, WR CLE - Grid Iron Goons Updated 11/25/01
Johnson had a huge game on Sunday, catching six passes for 113 yards and a
touchdown against Cincinnati. He has been Cleveland's most reliable
receiver this year, and has become a pretty dependable Fantasy player.

James Jackson, RB CLE - Uran Man Updated 11/25/01
Jackson started Sunday's game against Cincinnati, but complied only 40
yards rushing. Coach Butch Davis also used Benjamin Gay and Jamel White,
which seriously effected Jackson's Fantasy numbers.

Freddie Jones, TE SD - Free Agent Updated 11/25/01
Jones has been declared inactive for Sunday's game against Arizona. He has
been dealing with an ankle injury in recent weeks that still needs time to
heal sufficiently.

Cameron Cleeland, TE NO - Luccis Losers Updated 11/25/01
Cleeland has been declared inactive for Sunday's game at New England due to
an ankle injury. Look for Boo Williams to start in Cleeland's absence once
again.

Terry Glenn, WR NE - Grid Iron Goons Updated 11/25/01
Glenn has been declared inactive for Sunday's game against New Orleans. He
has been dealing with a hamstring injury in recent weeks, and could be in
jeopardy of missing the remainder of the season. He may be placed on
injured reserve if he doesn't practice this week.

Jon Kitna, QB CIN - Blue Balls Updated 11/25/01
Kitna was benched in the third quarter of Sunday's game against Cleveland.
Kitna (8-of-19, 85 yards, two interceptions), was replaced by backup Scott
Mitchell, who promptly threw three interceptions of his own.

Steve Smith, WR CAR - Free Agent Updated 11/25/01
Smith left Sunday's game against Atlanta in the third quarter with an
apparent shoulder injury. However, he returned to action later in the
quarter.

Peter Warrick, WR CIN - Dont Mess Updated 11/25/01
Warrick left Sunday's game against Cleveland in the first half with a
shoulder injury. He was taken to the locker room for X-rays, and did not
return to the game. Warrick finished the game with only one catch for 22
yards.

Maurice Smith, RB ATL - Dont Mess Updated 11/25/01
Smith left Sunday's game against Carolina in the first half with an
apparent ankle injury. He was replaced by Rodney Thomas for a few series
before returning to the contest late in the second quarter.

Stephen Davis, RB WAS - Houston Big Ballers Updated 11/25/01
Davis left Sunday's game in the first quarter with soreness in his back. He
was replaced by Ki-Jana Carter and returned in the second quarter after
going to the locker room for an examination.

Frank Wycheck, TE TEN - DRock's Beaatchs Updated 11/25/01
Wycheck (calf) is expected to start against the Steelers. He has been
cleared to play.

Darnay Scott, WR CIN - Orange Roughy Updated 11/25/01
Scott (ribs) will play against the Browns on Sunday after a problem-free
pregame workout. He did not practice during the week.

Stephen Alexander, TE WAS - Free Agent Updated 11/25/01
According to published reports, Alexander will play on Sunday, but will not
start. Walter Rasby is expected to be Washington's No. 1 tight end.

+--------------------------------------------------------------------------+
| Standings, Summary                                               Current |
+--------------------------------------------------------------------------+

AFC Division

TEAM               W   L  T  PCT    BACK STRK DIV    WKS  PF     BACK   PA
President Taft     10  1  0  0.909  0.0  W7   5-1-0  0.0  929.0  249.0  692.0
Really Rottens     6   4  1  0.591  3.5  W1   3-2-1  1.0  844.0  334.0  824.0
Team Chick         4   5  2  0.455  5.0  W2   1-4-1  1.5  982.0  196.0  1003.0
C-Dawg's Boyz      4   7  0  0.364  6.0  L3   4-2-0  1.0  938.0  240.0  1032.0
Uran Man           4   7  0  0.364  6.0  W1   2-4-0  0.0  873.0  305.0  947.0
Texas Terminators  3   8  0  0.273  7.0  L2   2-4-0  0.0  757.0  421.0  1125.0
Dont Mess          3   8  0  0.273  7.0  L5   3-3-0  0.0  707.0  471.0  795.0

NFC Division

TEAM                 W  L  T  PCT    BACK STRK DIV    WKS  PF      BACK   PA
Blue Balls           8  3  0  0.727  0.0  L1   5-1-0  2.5  1178.0  0.0    948.0
Luccis Losers        7  4  0  0.636  1.0  L1   5-1-0  0.0  883.0   295.0  766.0
DRock's Beaatchs     6  5  0  0.545  2.0  W2   3-3-0  1.0  867.0   311.0  835.0
Grid Iron Goons      5  5  1  0.500  2.5  L1   3-3-0  3.0  1019.0  159.0  963.0
Houston Big Ballers  5  6  0  0.455  3.0  L2   2-4-0  0.0  1033.0  145.0  1034.0
Team Dick            5  6  0  0.455  3.0  W1   2-4-0  0.0  940.0   238.0  929.0
Orange Roughy        5  6  0  0.455  3.0  W3   1-5-0  1.0  867.0   311.0  924.0

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