Haas NewsWire
October 30, 2000

**Special Reminder: Tom Siebel speaks at Haas on Tuesday, October 31, at
12:30 p.m. in the Wells Fargo room. Ray Lane will speak Friday, November 3,
at 4:00 p.m. in the Arthur Andersen Auditorium.***

CONTENTS

Third Annual UC Berkeley Business Plan Competition Launches November 8
The Real Estate and Economics Symposium Looks at Times Ahead
Initiative to Connect Alumni and Students in the Workplace is Off to a Fast
Start
Perez-Reyes Receives the Chancellor's Distinguished Staff Award
Zoe-Haatehc Scheffy Appointed New Manager of Accounting and Personnel
Services
Haas in the News
Happening at Haas
Haas Celebrations

THIRD ANNUAL UC BERKELEY BUSINESS PLAN COMPETITION LAUNCHES NOVEMBER 8
 The third annual UC Berkeley Business Plan Competition will officially
launch on November 8 at 6:00 p.m. in the Arthur Andersen Auditorium. The main
event will introduce the rules of the competition to attendees, and will be
followed by a mixer giving entrepreneurs the opportunity to mingle and
hopefully begin to form teams. All faculty, students, staff, and alumni of
the Haas School and UC Berkeley, as well as members of the community, are
invited to attend.

The UC Berkeley Competition has quickly established itself as the one of the
leading entrepreneurship competitions in the country. In addition to access
to venture capitalists and Silicon Valley business leaders, participants hone
skills to turn ideas into fundable ventures through a series of workshops and
mentorship.

The purpose of the competition is to encourage the creation of viable and
fundable business ventures. Teams from the previous two years have secured a
total of $91.45 million in funding. The breakdown of the funding to date is:

Class of 2000: Skyflow- $3.5M (Series A) DeltaClick (was called iJacker
during the competition)- $1.5M (Series A) Opient- $400K (seed) Class of 1999:
GetRelevant- $4.855M ($605K seed & $4.25M Series A) AudioBasket- $29M ($4M
Series A, $19.25M Series B, $5.75M Series C) ZipRealty- $27.7M ($1.7 Series
A, $16M Series B, $10M Series C-from eBay) Hotpaper- $2M (Series A only),
Acquired for $10M by GoAmerica Alloptic- $19.7M ($3.7M Series A, $8M Series
B) Timbre- $2.8M ($300K seed, $2.5M Series A) To be eligible to enter, each
team must contain at least one current UC Berkeley student or alumnus.?
Additional information on this year's competition will be available later
this week at http://bplan.berkeley.edu.

THE REAL ESTATE & ECONOMICS SYMPOSIUM LOOKS AT TIMES AHEAD
? The Haas School's Fisher Center for Real Estate and Urban Economics will
examine issues of real estate and economic outlook in the face of changing
demographics and e-commerce markets on Monday, November 13, at the Westin St.
Francis Hotel in San Francisco.? This symposium continues a 23-year tradition
of excellence and has become the premier west coast event for academics and
practitioners in the field of real estate.

Haas School faculty and faculty associates of the Fisher Center for Real
Estate are invited to attend free of charge.? Students who wish to volunteer
and help at the Symposium can also attend for free.

"This is an opportunity to hear some of the most successful and thoughtful
people in the real estate industry," says symposium co-chairman Robert
Edelstein, co-chairman of the Fisher Center for Real Estate and Urban
Economics. Edelstein will moderate several of the day's panels along with
symposium co-chairman Richard Wollack, chairman of the CB Richard Ellis'
Global Capital Markets Group and member of the Fisher Center's Policy
Advisory Board, who has been involved with the conference for 20 of its 23
years.

Lawrence Chimerine, president of Radnor International Consulting, Inc.,
starts the day's presentations with a talk titled "Real Estate and Economic
Outlook." Chimerine has been one of the premier forecasters of the economy
for the past two decades. "Almost every person speaking is a brand name,"
says Edelstein. "It is designed for real estate professionals, but at the
highest level. The conference is at the interface of academe and
practitioners."

Later in the morning, Haas Lecturer Noel Nellis, partner at Orrick,
Herrington, and Sutcliffe LLP, will moderate the "What's Happening in the
California Real Estate Market?" panel, which will include Warren E. "Ned"
Spieker, BS 66, chairman, Spieker Properties, and Douglas W. Shorenstein,
president and CEO, Shorenstein Company, L.P. and a member of the Haas
Advisory Board.

J.S. Holliday, historian, author, and director emeritus of the California
Historical Society, kicks off the afternoon's panels with a speech on "The
Origins of California's Image as America, Only More So." Holliday's latest
research draws comparisons between the 1849 gold rush and "new gold rush" in
Silicon Valley.? Haas Lecturer Lynn Sedway, executive managing director of
Sedway Group, a division of CB Richard Ellis, will participate in the "Real
Estate Financing and Investing" session. The complete agenda can be found at
http://haas.berkeley.edu/realestate/.

Faculty who wish to attend, and students who wish to volunteer, should e-mail
Zee Zeleski (zeleski@haas.berkeley.edu), who is handling the registrations.
Please note that complimentary registrations are available only for Haas
faculty and student volunteers. All other registration information can be
found at http://haas.berkeley.edu/realestate.

INITIATIVE TO CONNECT ALUMNI AND STUDENTS IN THE WORKPLACE IS OFF TO A FAST
START
 Begun as a pilot program this fall, a Haas School initiative that brings
alumni and students together for learning and networking, has had great
success in its first few months. Organized by Dan Israel, MBA 01 & MBAA VP
for Alumni Affairs, with the support of the Haas Alumni Affairs Office and
the Haas Alumni Network, "Haas at Work" brings small groups of Haas students
to the workplace of alumni for a two-hour session to help build bridges
between current students and the Haas alumni community.

"It's been wonderful to see such a strong response from alumni interested in
giving back to Haas. I'm hopeful this program will continue to build stronger
ties between MBA students and alumni," says Israel.

The sessions give the alumni a chance to educate Haas students about their
companies and industries. With just four to six students at each event, they
are still manageable for the busy host companies and personal for the
students.? "This visit to OffRoad was fantastic -- a highly informative,
engaging meeting," says Ruthanne Feinberg, MBA 01, who participated in the
program. "It was a great chance for us to discuss in a small group their
business -- opportunities and challenges.? We also had access to high level
executives, including the CEO."

Events have included speaking to the students over lunch; setting up brief
presentations from different employees at a firm; or taking them on a tour of
the office/facility. "Having the group of Haas students visit DigitalThink
was great fun," says Jeff Marshall, performance consultant at DigitalThink,
Inc. "The students' interest in and knowledge of the e-learning industry
impressed me. It was also wonderful to give career advice and catch up on the
latest happenings in the MBA program.? I can't wait for the next opportunity
to have another group visit."

?The companies that have hosted or are scheduled to host students so far this
fall include: Genesys Telecom Labs, Alliant Partners, Vitaminic, Versata,
netcentives.com, DigitalThink, PRTM, netcustomer.com, Fireman's Fund
Insurance Company, OffRoad Capital, Extensity, Flexsilicon, Tularik,
ExchangeWave, CommerceOne, Wind River Systems, High Tech Business Decisions,
What U Want, RestaurantPro.com, Centillium Communications, Dreyer's, AOL,
Sporteum, Gap, Morgan Stanley Dean Witter, EXP.com, Charles Schwab, and Visa.

To participate, as a student or as an alumni host, send e-mail to Dan Israel
or call the Alumni Relations Office at (510) 642-7790. For more information,
check out http://www.haas.berkeley.edu/alumni/involve/haasatwork.html.

PEREZ-REYES RECEIVES THE CHANCELLOR'S DISTINGUISHED STAFF AWARD
One of Haas' own, lecturer Arturo Perez-Reyes, and sixteen members of the
eBerkeley E-commerce Task Force and Implementation Task Force received the
Chancellor's Distinguished Staff Award.

Perez-Reyes is special assistant to the vice chancellor for budget and
finance as well as advisor to vice chancellor for business and administrative
services. This semester he is teaching "Business Communications" at Haas. He
has taught at Haas since 1989.

The eBerkeley E-commerce Task Force and the Implementation Task Force have
worked to launch an e-commerce web site at Berkeley, where on- and off-campus
consumers could purchase goods and services, such as books or parking passes.
Implementation of the site is still underway.

ZOE-HAATEHC SCHEFFY APPOINTED NEW MANAGER OF ACCOUNTING AND PERSONNEL SERVICES
 Zoe-haatehc Scheffy has served as the new Manager of Accounting and
Personnel Services for the Haas School since September. She has worked with
Haas Accounting and Personnel Services since February 1999. She holds a BA
from UC Berkeley in anthropology, an MA from Indiana University in folklore,
and is a Ph.D. candidate at Indiana University in Folklore. Zoe's current
goal for the department is, "To get people paid!"

Zoe leads the newly formed Accounting and Personnel team, made up of Jamie
Abernathy, Robbie Jackson, Carole Wilson, and Tsering Dhundup. The Accounting
and Personnel Services office will continue to serve the Haas community with
four account representatives who handle personnel appointments, payroll, and
vendor payments.? In addition, the Accounting/Personnel office is a resource
for health and retirement benefits information and BFS user questions. "We
are currently hiring a replacement for the vacancy left by my change in
position," says Zoe.

HAAS IN THE NEWS
 A memorial article on the late John Harsanyi, professor emeritus and Nobel
Laureate, written by Frederick E. Balderston, professor emeritus, appeared in
the November issue of California Monthly.

In the same issue, California Monthly also published a photo of Dean Laura
Tyson and Paul Newman from his appearance at Haas in September.

John Brennan, MBA 91, was profiled in Fortune's October 30 issue in an
article titled "Impact Player." In the profile Brennan talks about his career
path going from a partner-track consultant at Andersen to joining the startup
Charitableway to becoming vice president for corporate strategy at Hewlett
Packard.

Dean Tyson's column in the October 30, BusinessWeek, "Earth to America: The
World Won't Go Away," was about the American public's lack of interest in
foreign issues, until they appear on the television screen. Tyson explained
how globalization will continue to effect the lives of the average American.
? NetBusiness Online reported on October 28 that Gruner+Jahr, a Bertelsmann
company, has purchased a 10% stake in Handy.de, the German startup founded by
Thorsten Rehling and Dirk Friese, MBAs 00, during their time at Haas. The
article is available at
http://www.net-business.de/startup/news.html?id=972741382.1&ssid=ba44641d4bc61
8bb4c512a898a09e3

Severin Borenstein, E.T. Grether Professor in Public Policy and Business
Administration and director of the University of California Energy Institute,
was quoted in the San Jose Mercury News on Friday, October 27. Borenstein
explained that it is unlikely that the state will be able to recover from
electricity generators the high profits they earned this summer in
California. He added that the profits were due to market power exercised by
some producers and that the state needs to assure that consumers can respond
to high real-time prices by next summer.

The New York Times featured James Hong, MBA 99, and his new Web site
AmIHotorNot.com in the article "Face Time with a Twist" on October 26. A
previous article on AmIHotorNot ran in the London Observer.

Tyson was mentioned in the Kyodo News on October 25 for a report she
co-authored, "Future Directions for US Economic Policy Toward Japan."

October 24, Tuesday, Borenstein did interviews on KCBS radio live and 6pm
KPIX TV news. In both he commented that the record 3rd quarter earnings
Chevron had just announced were due to the very high price of oil and the
tight and insufficiently competitive gasoline markets in California.

Tyson was profiled in the Financial Times on October 23 in a piece on her
first two years as dean.

Professor M. Frances Van Loo's Contemporary Philanthropy class was mentioned
in the September 18 issue of "Food for Thought," an online newsletter of
CompassPoint Nonprofit services.? The newsletter can be found at:
http://www.compasspoint.org/publications/food4thought/fft2000_09_18.html

Van Loo's class was also mentioned in "Philanthropy News Network" newsletter
on August 31.? That article can be found at:
http://pnnonline.org/giving/class0831.adp.

HAPPENING AT HAAS
 Management of Technology Program "Venture Capital and Technology Trends," by
Robert Zider, founder, The Beta Group, Menlo Park Wednesday, November 1, 2000
3:30 p.m. to 5:00 p.m. Wells Fargo Room

Entrepreneurs Association Event Startup Workshop Wednesday, November 1, 2000
4:00 p.m. to 5:30 p.m. Cheit Hall, Room C220 Come and learn about the startup
process in a workshop held by eLance and vCapital.? eLance is a marketplace
to buy and sell services that can be delivered? remotely via phone, fax, or
the Internet.?? VCapital is an online network of 400 of the world's top VC's
and represents $80 billion in capital.? VCapital provides expert advice,
personalized services, and targeted referrals to a pre-qualified network of
venture capitalists, organized groups of angels, incubators, and corporate
venture funds.

 2001 UC BERKELEY BUSINESS PLAN COMPETITION  Business, Engineering, and
Systems Graduate Student Mixer  Thursday, November 2  7:00 p.m.  HP
Auditorium, Soda Hall  Hear a panel of venture capitalists and startup
executives, come with your own idea to present (reply to
underwoo@haas.berkeley.edu or ssinha@haas.berkeley.edu to reserve a spot!),
or simply come to meet and mingle. For More Information go to
http://bplan.berkeley.edu/.

 Conference on Financial Reporting Friday, November 3, 2000 Santa Clara
Marriott Hotel The eleventh Annual Conference on Financial Reporting will be
held at the Santa Clara Marriott Hotel. This conference brings together
accounting standard setters, enforcement officials, corporate financial
executives, and professional and academic accountants to discuss current
issues in financial accounting and corporate reporting.? The keynote speaker
will be Sir Bryan Carsberg, Secretary General of the International Accounting
Standards Committee.? Ed Jenkins, chair of the Financial Accounting Standards
Board, will give the opening address.?? This year's topics include Revenue
Recognition, recently put on the front burner by the SEC; Business
Combinations and Consolidations, where the appropriate treatment of goodwill
is the new hot topic; as well as Current Issues at the SEC, and Emerging
Issues in Financial Reporting and the FASB Agenda.? The exchange on these
topics promises to be lively and provocative. For more information or to
register, contact Dayna Haugh at 510-642-6334 or visit our website at:
http://www.haas.berkeley.edu/accounting.

 Supply Chain Management Initiative Workshop"Demystifying B2B: What Do
Advances in Business-to-Business E-commerce Mean for Your Supply Chain?"
Friday, November 3, 2000 9:00 a.m. to 5:00 p.m. Much of the current interest
in B2B e-commerce is triggered by a growing awareness of its critical impact
on overall supply chain performance.? In this conference, we will explore
successful B2B strategies, approaches, and experiences. Presentations will
include case studies of both successful and unsuccessful implementations, and
discussion of various strategic and operational tools that facilitate B2B
success. Featured speakers include representatives of Hewlett Packard, Cisco,
Cap Gemini Ernst & Young, Logility, SUN, Microsystems and SAP. Registration
fees are $350 and $125 students (lunch is included). Register by phone at
510-643-1825, by fax at 510-643-8982, by e-mail via scmi@haas.berkeley.edu,
or through the web site at http://esrc.berkeley.edu/scmi/index.html.

 Management of Technology Program "New Technology, the New Economy, and
Intellectual Property Law," by Prof. Peter Menell, Boalt Hall School of Law
Wednesday, November 8, 2000 3:30 p.m. to 5:00 p.m. Wells Fargo Room

EECS Joint Colloquium Distinguished Lecture Series "B2B Commerce: Enabling
Integrity in Electronic Marketplaces" by Dr. Colin Parris, vice president,
e-Marketplace solutions at Tivoli Systems, Inc., an IBM company headquartered
in Austin, Texas. Wednesday, November 8, 2000 306 Soda Hall, Hewlett Packard
Auditorium 4:00 p.m. to 5:00 p.m. Dr. Parris has general management
responsibility for a business unit focused on creating and deploying
management and security solutions for the multi-billion dollar B2B Electronic
Marketplace. This responsibility includes strategy, marketing, product
integration and development, business development, sales, and support. Dr.
Parris received his Ph.D. in Electrical Engineering at the University of
California, Berkeley. Co-sponsored by BGESS and CUES, College of Engineering

 Haas Big Game BBQ Saturday, November 18 BBQ in the Courtyard 10:00 a.m. to
12:30 p.m. 12:30 pm:? Cal vs. Stanford football game $20/alumni and friends
$15/recent grads (1995-2000) $10/students/staff/faculty/child Register online
at: www.haas.berkeley.edu/alumni/registration Note:? game tickets are not
included in price.? Call 1-800-GO BEARS [This event is coordinated by the
Haas School Alumni Relations Office]

SEMINARS
 BA 298 REAL ESTATE SEMINAR "Homeowning and the Duration of Unemployment:
Evidence from the PSID," by Dr. Richard Green, University of Wisconsin School
of Business Monday, October 30, 2000 11:15 a.m. Room C250, Cheit Hall For
more information, contact Lynn L. Lobner, at lyoung@haas.berkeley.edu.

OBIR SEMINAR "Blirtatiousness: Interpersonal Responsiveness in Love and
Work," by William Swann, University Texas at Austin, Dept. of Psychology
Wednesday, November 1, 2000 4:00 p.m. to 5:30 p.m. Director's Room, Institute
of Industrial Relations, 2521 Channing Way  For more information, contact
Charles Montague at montague@haas.berkeley.edu.

IDS 270 INSTITUTIONAL ANALYSIS WORKSHOP "The Market for Reputations as An
Incentive Mechanism," by Steven Tadelis, Stanford University Thursday,
November 2, 2000 4:00 p.m. to 6:00 p.m. Room C325, Cheit Hall For more
information, contact Anita Patterson at patterso@haas.berkeley.edu.

ET GRETHER MARKETING SEMINAR "Product Assortment and Pricing Decisions in a
Competitive Environment," by Michaela Draganska, Northwestern University
(Candidate) Thursday, November 2, 2000 3:30 p.m. to 5:00 p.m. Room F320 For
more information, contact Laura Gardner at lgardner@haas.berkeley.edu.

BA 298 REAL ESTATE SEMINAR "Modeling Housing Markets- A Transatlantic
Divide," by Dr. Geoffrey Meen, The University of Reading  Monday, November 6,
2000 11:15 a.m. Room C250, Cheit Hall For more information, contact Lynn L.
Lobner, at lyoung@haas.berkeley.edu.

ACCOUNTING SEMINAR Philip Berger, Wharton School, University of Pennsylvania
Monday, November 6, 2000 4:00 p.m.  Room C220, Cheit Hall  For more
information, contact Lorraine Seiji at seiji@haas.berkeley.edu.

OBIR SEMINAR "Capitalizing on Diversity: Interpersonal Congruence in Small
Work Groups," by Jeff Polzer, Harvard Business School Wednesday, November 8,
2000 4:00 p.m. to 5:30 p.m. Director's Room, Institute of Industrial
Relations, 2521 Channing Way  For more information, contact Charles Montague
at montague@haas.berkeley.edu.

ET GRETHER MARKETING SEMINAR "Promotional Chat on the Internet," by Dina
Mayzlin, MIT (Candidate) Thursday, November 9, 2000 3:30 p.m. to 5:00 p.m.
Room F320 For more information, contact Laura Gardner at
lgardner@haas.berkeley.edu.

IDS 270 INSTITUTIONAL ANALYSIS WORKSHOP "Ownership and Performance in Car
Distribution," by Benito Arrunada, UPF, Barcelona Thursday, November 9, 2000
4:00 p.m. to 6:00 p.m. Room C325, Cheit Hall For more information, contact
Anita Patterson at patterso@haas.berkeley.edu.

FINANCE SEMINAR  "Do Behavioral Biases Affect Prices?" by Joshua Coval,
University of Michigan  Thursday, November 9, 2000  4:15 p.m. to 5:45 p.m.
Room C110, Cheit Hall  For more information, contact June Wong at
june@haas.berkeley.edu or visit  www.haas.berkeley.edu/finance.

 HAAS CELEBRATIONS Birthdays

debi fidler, October 31 Dan Himelstein, November 3 Forrest Smalley, November 5

The Haas NewsWire respects the wishes of staff and faculty who would not like
their birthdays announced. Please e-mail a request to have your birthday
marked "do not announce" on the central birthday list to
Haasnews@haas.berkeley.edu.

The Haas NewsWire is the electronic news weekly for the Haas community
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.


For your viewing pleasure, the 2001 Customer Event photos can be found in the
following location:

P:\Photos\2001 Customer Event

Enjoy!


In reference to Steve Kean and Cindy Olson's previous memo on the PRC,
one-hour classes for preparing and communicating performance feedback have
been scheduled.  If you would like to learn how to present feedback in an
effective and positive manner, please feel free to attend any of the
following classes:

Tuesday January 2 8:30 am to 9:30 am Room 49C4
    1:30 pm to 2:30 pm Room 49C4

Wednesday January 3 8:30 am to 9:30 am Room 20C2
    1:30 pm to 2:30 pm Room 20C2

Monday January 8 8:30 am to 9:30 pm Room 49C1
    1:30 am to 2:30 pm Room 20C2

Tuesday January 9 8:30 am to 9:30 am Room 49C4

Wednesday  January 10 8:30 am to 9:30 am Room 49C3
    1:30 pm to 2:30 pm Room 49C3

Thursday January 11 8:30 am to 9:30 am Room 49C4

NOTE:  Notification of attendance is not necessary.


This is the first notice from Transco regarding imbalances.  Transco has not
changed their IT notices since the 6th, when they closed down St 90.
---------------------- Forwarded by Chris Germany/HOU/ECT on 12/21/2000 01:12
PM ---------------------------

"CustomerNotices, WGPHOU" <WGPHOU.CustomerNotices@Williams.com> on 12/21/2000
12:56:04 PM
To:
cc:
Subject: Transco - System Imbalance Notice

Media Inquiries: Chris Stockton
                 (713) 215-2010
Other Inquiries: Terry Fitch (713-215-3361) or John McGrath
(713-215-2514)December 21, 2000

To:     Transcontinental Gas Pipe Line Corporation Customers and Shippers

Re:     System Imbalance Notice

Please be advised that Transco has been experiencing excessive negative
transportation imbalances (deliveries in excess of receipts) on its
system over the past several days.  As of December 21, 2000, Shippers
are advised to avoid any additional negative imbalances as soon as
possible.

Additionally, until further notice, Transco will institute more
restrictive practices at its pooling points.  Transco will reduce the 4%
tolerance currently allowed at its pooling points to 1% or 1,000 dts for
Shippers with negatively scheduled imbalances (i.e. deliveries into the
pools are less than receipts away from the pools).  Shippers with
positively scheduled imbalances at their pools will continue to be held
to the 4% tolerance levels.  Transco will not enforce these pool
imbalance tolerances during the timely nomination cycle; however,
Shippers are expected to balance their pools to the limits identified
above by the ID2 nomination cycle.  Transco may proactively decrease
markets to bring them in line with supplies at pooling points.

Absent voluntary compliance with this notice, Transco may be required to
use any remedies available, up to and including reliance upon Section 52
of the General Terms and Conditions of Transco's FERC Gas Tariff, to
ensure it retains the appropriate level of operational flexibility.

If you have any questions, please call Terry Fitch at (713) 215-3361 or
John McGrath at (713) 215-2514.

Terry C. Fitch
Manager
Gas Operations

--------------------------ADDITIONAL X12 INFORMATION------------------------
Trans. Svc. Provider: 007933021 - TRANSCONTINENTAL GAS PIPE LINE CORPORATION
   Notice Identifier: L0012213
     Critical Notice: Yes
      Type of Notice: 6-Other
   Required Response: 5-No Response Required
   Resp By Date/Time: N/A
Notice Eff Date/Time: 12/21/00 12:52:26
Notice End Date/Time: N/A
              Status: 1-Initiate
 Prior Notice Ident.: N/A
____________________________________________________________________________

 - C.DTF


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Mary,  I looked into your idea regarding using an index price approach along
the lines of the tariff that was approved for EPMI's market based sales to
PGE in Docket No. ER99-364-000.  I agree that the current situation is quite
similar to that.  thus, since the current proposal is similar to one that has
already been accepted, the matter is less controversial than I originally
thought and I do not think that this would entail much additional research.
Nor do I think that we necessarily need to pre-screen this with FERC since
that would delay the filing.  I would therefore revise my RCR projection to
$5,000 to prepare the filing and suggest that we simply file it.  (I would
let you know if I think it is more complicated once I dig in.)

FYI, I ran this through Dan, and he agrees with the foregoing.  As before,
however, we cannot get FERC approval within the time frame contemplated by
the RFP.  I agree with you that the conservative and preferable (from a
legal/regulatory perspective) way to proceed is to make your proposal to PGE
subject to FERC approval.  Since time is of the essence, let me know when to
begin, and we'll jump on it right away.  Ron

>>> <Mary.Hain@enron.com> 03/13/01 12:48PM >>>
Portland General Electric (PGE) has a request for proposals (RFP) that EPMI
wants to submit an offer on.  PGE is essentially seeking a fixed price for
50-200 MW 'round the clock for five years starting in '02 at Portland's
system, the Mid-C, or COB South to North.  Offers are due by March 28 and
PGE has until April 5, 2001 to accept .

I have told Mike that any deal with PGE has to be approved by FERC under
the terms of EPMI's market based rate tariff.  I have also told him that
EPMI could either make the offer subject to FERC approval or take the
regulatory risk that FERC would in some way change the benefits of any
contract in PGE's favor.  I would recommend the former.  Ron - would you
tell me how much you would charge to draft a FERC filing, for my review,
in the event PGE accepts our offer?  Jim - I intend to submit an RCR for
this FERC filing.  Is that okay?


-----Original Message-----
From: 	djcustomclips@djinteractive.com@ENRON [mailto:IMCEANOTES-djcustomclips+40djinteractive+2Ecom+40ENRON@ENRON.com]
Sent:	Thursday, April 12, 2001 2:34 PM
To:	168842@mailman.enron.com
Subject:	Rahil Jafry: USA:    Persistent problems chinking Enron's armor.

USA:
Persistent problems chinking Enron's armor.
By C. Bryson Hull

04/12/2001
Reuters English News Service
(C) Reuters Limited 2001.

HOUSTON, April 12 (Reuters) - The teflon around energy and trading powerhouse
Enron Corp. is starting to show some scratches, as negative events over the
past few months from India to its broadband unit, begin to take their toll,
analysts say.

Make no mistake, Wall Street still sees the Houston-based giant as the energy
convergence sector leader. Analysts polled by Thomson Financial/First Call
still believe Enron will meet its earnings per share targets of $1.75 for 2001.
But the stock has dropped to its lowest levels since late 1999, a slide which
started with news that Enron's keystone broadband content deal with
Blockbuster Inc. had fallen apart.

The stock had traded in the mid-$80s as recently as February, before the stock
market's recent collapse and a string of negative news. On Friday, it traded
at $57.45 on the New York Stock Exchange, down $1.06 cents or 1.8 percent, and
well off its high of $90.56 last August.

"Their share price hasn't been bulletproof and that's what counts. They were
up pushing $90 and they're now in the $50s while the energy sector has done
quite well, so they have underperformed quite a bit and that doesn't seem
bulletproof to me," analyst Andre Meade of Commerzbank Securities said.

Meade said the price fall came as investors took the bad news out of Enron's
valuation, particularly in devaluing the broadband business.

"With broadband the market initially gave them full credit. But investors got
smart over the next year, and once you got some bad news out there, you could
argue that valuation was pulled," Meade said.

But the bad news neither starts nor ends there.

The latest negative item came Wednesday, when a California federal judge
ordered Enron to return the University of California and California State
University systems to direct power access, which Enron says will cost them $12
million a month.

The universities' lawsuit which claimed Enron Energy Services breached their
power management contract, could cast a shadow over the Houston-based
company's power risk management arm which recently saw a huge upsurge in
business involving similar multimillion dollar deals with large corporations.

Other bad news includes broadband layoff talk, failed water company spinoff
Azurix Inc.'s impending sell-off its North American assets, the failure of the
video on demand deal with Blockbuster, word that the $2 billion sale of
utility Portland General is unlikely to go through and continuing payment
problems at the Dabhol power plant in India.

That long-running dispute in India reared its head again on Monday. Enron
confirmed it issued a notice of political force majeure to the Maharashstra
State Electricity Board (MSEB), which has consistently defaulted on payments.

Force majeure is an event beyond the control of a contractual party that could
not have been prevented.

"It's one of the steps in the process of protecting our rights. It's one step,
but it's not the only step," Enron spokesman John Ambler said.

Enron has already invoked payment guarantees from the Indian national
government, but it has refused to cover MSEB's $21.9 million December bill
until Enron and MSEB settle another dispute over a fine. The MSEB wants the
$85.8 million fine, which it levied, to cover its outstanding bills.

LAYOFFS OR REDEPLOYMENTS?

Another nettling problem for Enron is news of trouble at Enron Broadband
Services (EBS), the cutting-edge unit that encompasses a nascent bandwidth
trading operation and a broadband content services business.

Most recently, Enron has had to answer questions about a reduction in the
number of employees at EBS because of the stock market's faltering confidence
in telecoms generally.

Two weeks ago, the company characterized word of layoffs at the broadband unit
as nothing more than an internal redeployment of staff to areas that were
growing at a higher rate.

"It's word games. Initially they said they were redeploying, and that was not
the word I heard from inside the company, but that was the way they put it.
It's probably a little of both," said analyst John Olson of Houston investment
house Sanders Morris Harris.

EBS spokeswoman Kelly Kimberly on Monday said 227 employees were leaving the
broadband unit to work in other areas of the company.

"Most of them have elected to go into the redeployment pool or are already
moved into corporate or another business," Kimberly said.

Kimberly did not have an exact figure on the number who have opted to take a
severance package, but characterized it as a small percentage.

It has been a rough few weeks for EBS, which also suffered from the
Blockbuster debacle. Last month, the two announced a mutual end to a 20-year
exclusive video on-demand deal, which had been considered a cornerstone of
EBS' content services push.

Folder Name: Rahil Jafry
Relevance Score on Scale of 100: 79

______________________________________________________________________

To review or revise your folder, visit http://www.djinteractive.com or contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511 or contact your local sales representative.)
______________________________________________________________________

Copyright (c) 2001 Dow Jones & Company, Inc. All Rights Reserved


January 25, 2002

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The recap report for 11/24/01

                                        Joe   3-0518


I heard there was an article in the WSJ a few days ago on Blockbuster and
that mentioned the Enron deal--could you send it to me?  Thanks. dF


Thanks So much for the info , Have a great weekend and good luck with you new job.

Dutch

-----Original Message-----
From: "Tori Kuykendall" <tori.Kuykendall@rweamericas.com>@ENRON [mailto:"Tori Kuykendall" <tori.Kuykendall@rweamericas.com>@ENRON]
Sent: Fri 1/18/2002 1:24 PM
To: Quigley, Dutch
Cc:
Subject: RE:

okay - here's what i know -- we are trying to hire some of the best

people out there at whatever they may do -- one position that we are

looking at is kinda what you are already doing -- our nymex trader is

bob shiring -- take that however you wish -- but that's who you  would

be working directly with so that's who you would need to talk to.  i

know this position is in the budget for this year but i'm not sure what

the time frame is.  bob's email is bob.shiring@rweamericas.com -- you

can tell him that you got his name from me and then i'm sure he'll

approach me about it -- that is, of course, if you are interested and to

the extent that you do not have any contractual issues in talking to us.

-----Original Message-----

From: Dutch.Quigley@enron.com [<mailto:Dutch.Quigley@enron.com>]

Sent: Friday, January 18, 2002 10:00 AM

To: Tori Kuykendall

Subject: RE:

Hey Tori,

First of all Congrats on the new job.

Thanks for telling Susan and thinking about me.

So tell me a little about what the opportunity is all about.

If there another person that I should talk to just email me

the Name and number and I can talk to them.

Dutch

713-853-9216

**********************************************************************

This e-mail is the property of Enron Corp. and/or its relevant affiliate

and may contain confidential and privileged material for the sole use of

the intended recipient (s). Any review, use, distribution or disclosure

by others is strictly prohibited. If you are not the intended recipient

(or authorized to receive for the recipient), please contact the sender

or reply to Enron Corp. at enron.messaging.administration@enron.com and

delete all copies of the message. This e-mail (and any attachments

hereto) are not intended to be an offer (or an acceptance) and do not

create or evidence a binding and enforceable contract between Enron

Corp. (or any of its affiliates) and the intended recipient or any other

party, and may not be relied on by anyone as the basis of a contract by

estoppel or otherwise. Thank you.

**********************************************************************


Say 7:30-7:45 and your on.

Wilson Kriegel@ENRON
04/19/2000 01:22 PM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Re: night

well, figure we need to get there and get a spot, but at the same time
well....no one of us finishes that early...so i'd say 7pm


The FreeAna1.db files are on the Zoom network.
SCADAData on Zoom_srv:\\Indian Mesa II\2002\Mar\Mar5FreeAna\

-J


Hi Robin,
Here's the TXT IMPositions file

.

Would you mind leaving me a brief message if I have done it correctly?

Thanks!
Brian


David, i agree in principle with this process.  I assume that you and your
team will implement.  Like we spoke about, I do not see a need to widely
distribute this through the commercial organization.  I would just implement.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 09/27/2000
12:24 PM ---------------------------

David Oxley
09/26/2000 01:55 PM
To: David W Delainey/HOU/ECT@ECT, John J Lavorato/Corp/Enron@Enron, Kay
Chapman/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ect
cc: Mark Frevert/NA/Enron@Enron, Cindy Skinner/HOU/ECT@ECT, Sheila
Knudsen/Corp/Enron@ENRON, Sheila Walton/HOU/ECT@ECT, Michelle
Cash/HOU/ECT@ECT
Subject: Confidential - New Procedures to be introduced by ENA OTC for Exec
Employment Agreements and Hiring of Commercial Staff below VP into ENA

This would appear to be final draft. Dave/John if you are happy, perhaps you
can ask Kay or Kim to send out under ENA OTC header to distribution list
below.

David

To: ENA VP's and MD's
CC: Olson, Frevert, McMahon, Bowen, McConnell, Shankman
From: ENA OTC

Re: Confidential - New Procedures to be introduced by ENA OTC for Exec
Employment Agreements and Hiring of Commercial Staff Below VP into ENA

Effective immediately we have asked the ENA HR department to implement the
following changes to procedures to assist us in managing these two very
important processes, more consistently and effectively:

Hiring of all Commercial Managers or Directors (VP process will remain as is)
Business Unit leads and MD's will remain responsible for developing and
pursuing speculative talent for their groups and, within their budgets, will
also remain responsible for managing their overall headcount.
The HR department will continue to support this effort by focusing on
providing each of you with a flow of speculative resumes which you should
spend time each week reviewing and providing feedback on so that this
pipeline can be refined and better targeted.
The interviewing process for all Commercial Managers and Directors should be
very rigorous and should include at least 2 interviews by VP's in addition to
the sponsoring Business Unit lead plus a minimum of 3 senior individuals
within the sponsoring group (ie total of 6 in most cases).
Effective immediately, once the sponsoring group lead has completed their
interviewing process and would like to extend an offer of employment, the
candidate must be interviewed by the ENA OTC, before an offer of employment
will be released by the HR department. No candidates should be referred to
the ENA OTC for interview before the sponsoring group has concluded and
resolved  ALL issues surrounding whether they themselves wish to hire the
candidate.
Since any offer of employment at Commercial Manager or Director will now be
contingent upon approval by the ENA OTC, candidates expectations should be
managed to ensure they appreciate this final interview will be necessary.
John Lavorato has agreed to conduct the majority of these interviews, which
will be co-ordinated via your HR representative. Where the candidate is out
of town, these will be conducted via telephone.

Executive Employment Agreement Process for Commercial Staff
Effective immediately, the process for identifying and negotiating Executive
Employment Agreements for Commercial staff at ENA will be modified as follows:
For all Commercial staff, the sponsoring Business Unit lead or Managing
Director, should agree in principle the need for a contract with John
Lavorato of the ENA OTC. This request should be by either email or voicemail
and should include the following information: (1) Name, (2) Level (3)
Business focus and/or project (4) Their latest 2 PRC results (5) The reason
or justification for offering them a contract.
In any other instance (ie non-commercial employees), the sponsoring BU lead
or MD should contact David Oxley, Wholesale Group VP for HR for direction.
Once the ENA OTC has approved in principle the negotiation of a contract,
your HR representative listed below will assist you in preparing draft
financial terms on the familiar contract request form.
Before a draft contract will be prepared by the ENA legal team, the financial
terms (the request form in other words) must be approved by John Lavorato in
the ENA OTC. In the event of a tight deadline, John may approve the two steps
described here at 1 and 4 simultaneously by email or voicemail.
Any subsequent changes in terms must also be approved by the ENA OTC before a
fresh draft will be produced.

The following HR Representatives will assist you with these new procedures:

Power Trading  - Kim Melodick  57273
Gas Trading  - Jeanie Slone  53847
West Power  - Amy Fitzpatrick  Portland
West Orgin  - Amy Fitzpatrick  Portland
East Orgin  - Fran Mayes  37211
M&A, Principle Inv - Dave Hill  34218
Upstream Orig  - Dave Hill  34218
Capital Services - Dave Hill  34218
Generation Assets - Dave Hill  34218
Mexico   - Dave Hill  34218
East Coast Power - Dave Hill  34218
Canada (Trading/Orig) - Dawn Doucet  Calgary
Energy Op's  - Sheila Walton  30649
BAR   - Sheila Walton  30649
Legal   - Sheila Walton  30649
Comp Analysis  - Sheila Walton  30649
Research  - Sheila Walton  30649


Political  Philosophies: Explained in Simple "Two-Cow" Terms
with an Update for the  state of California

Socialism: You have two cows. You keep one, but  must
give the other to your neighbor.

Communism: You have two cows.  The government takes
both and provides you with milk.

Fascism: You  have two cows. The government takes
both and sells you the  milk.

Bureaucracy: You have two cows. The government
takes them,  shoots one, milks the other, pays you
for the milk, and then pours it down  the drain.

Dictatorship: You have two cows. The government
takes both,  then shoots you.

Capitalism: You have two cows. You sell one and buy
a  bull.

Democracy: You have two cows. The government taxes
you to the  point that you must sell them both to
support a man in a foreign country who  has only one
cow, which was a gift from your own  government.

Corporation: You have two cows. You lay one off,
force the  other to produce the milk of four cows, then
act surprised when it drops  dead.

California: You have two cows. The state tells you how
to milk  your cows, when to milk your cows, how much to
milk your cows and the most  that you can charge for the
milk. You go broke and sell the cows. The state  calls you
greedy and blames you for the current milk shortage.


Also, Risk Trac Project


Attached is the report covering action item completion as of May 31, 2001.
Please call me if there are any questions.
Janice
6-7074


Please see the attached concerning my remarks to the Addendum of the GISB.

Debra Perlingiere
Enron North America Corp.
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


-----Original Message-----
From: Cindy.Derecskey@enron.com [mailto:Cindy.Derecskey@enron.com]
Sent: Wednesday, October 25, 2000 11:23 AM
To: J_Martin@baylor.edu
Cc: Christie.Patrick@enron.com; Vince.J.Kaminski@enron.com
Subject: Enron Case Study
Importance: High

Good morning Mr. Martin,

I would like to introduce myself.  I currently work with Christie Patrick
and Michael B Rosen in the Enron University Affairs department.

In recent discussions with Christie, she has suggested that I liaise with
you and our management in preparation for your and Vince Kaminski's case
study.  Christie has forwarded recent emails sent by you suggesting a few
convenient times that work with your schedule.  I will work with our
management and do my best to schedule one hour time slots for interviews
that fit with your outline.

Initially, I will schedule interviews with: Ken Lay - chairman and CEO,
Jeff Skilling - president and COO, and Andy Fastow - CFO.  If you feel that
you may need to speak with additional management, we will definitely try to
work something out the same day, so you don't have to travel back here.  I
will forward your project outline to the aforementioned participants once
the interviews are scheduled.  Do you anticipate drafting specific
questions?  If so, I would greatly appreciate a copy when convenient.

I greatly look forward to working with you and I hope that we can touch
base very soon.

Regards,

Cindy Derecskey
Enron University Affairs
(713) 853-5670


Carl,

Depends if it is more like financial or insurance type hedging.

I shall leave it to Vasant to decide.

Vince

Carl Tricoli@ENRON
04/05/2000 11:19 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Zimin Lu/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT, Vasant
Shanbhogue/HOU/ECT@ECT, Christopher A Helfrich/HOU/ECT@ECT
Subject: Re: Carl Tricoli

Vince, thank you for the response.  In the interim, we met with Vasant
Shanbhogue yesterday and explained the deal and what we needed.  Should
Vasant continue to work on it, or would you still like us to loop in Zimin
Lu?

Vince J Kaminski@ECT
04/05/2000 10:11 AM
To: Zimin Lu/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT, Carl Tricoli/Corp/Enron@Enron

Subject: Carl Tricoli

Zimin,

Carl Tricoli  (5-8958) will call you regarding help on ethanol (hedging).

Vince


no prob

 -----Original Message-----
From: 	Vuittonet, Laura
Sent:	Tuesday, February 05, 2002 2:07 PM
To:	Quigley, Dutch
Subject:	RE: pls check vm from stephanie

i'm sorry that i forgot to send you the msg in the first place ... good thing your vm light works because mine doesn't!!

 -----Original Message-----
From: 	Quigley, Dutch
Sent:	Tuesday, February 05, 2002 1:47 PM
To:	Vuittonet, Laura
Subject:	RE: pls check vm from stephanie

i did , thnx

 -----Original Message-----
From: 	Vuittonet, Laura
Sent:	Tuesday, February 05, 2002 1:46 PM
To:	Quigley, Dutch
Subject:	pls check vm from stephanie


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NFL Reports, Player Updates

Latest NFL Player News

Tyrone Wheatley, RB OAK - Giggles Updated 11/16/01
Wheatley (knee) is out for Sunday's game with the Chargers. Charlie Garner will once again be Oakland's feature back. Zack Crockett may be used in goal-line situations.

Frank Wycheck, TE TEN - Matty Updated 11/16/01
According to published reports, Wycheck is expected to play half of Sunday's game against Cincinnati. That makes him a risky start from a Fantasy perspective.

Steve McNair, QB TEN - Free Agent Updated 11/16/01
McNair's status is still in question for Sunday's game against Cincinnati due to an injured right thumb. He threw the ball during individual drills Friday, and according to published reports, is likely to play despite not being 100 percent. We don't recommend McNair this week as a result.

Emmitt Smith, RB DAL - Bass/Hull Updated 11/16/01

Smith will return to the lineup Sunday against Philadelphia after missing two games with a sprained right knee. Cowboys Head Coach Dave Campo said after Friday's practice that Smith would "be ready to play the majority of the game." His return bumps Troy Hambrick to fullback, but we wouldn't recommend you use either back against the stingy Eagles rush defense.

Frank Sanders, WR ARI - Free Agent Updated 11/16/01
Sanders (hamstring) was added to the NFL injury report on Friday and is now listed as questionable for Sunday's game against Detroit.  However, if you're completely desperate for a wideout in a larger league this week, Sanders' matchup against a vulnerable Detroit secondary is worth considering as long as he's able to play.

<!
A !
HREF="http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=67142.8&random=2762&key=235174&">Chris Weinke, QB CAR - Tori Updated 11/16/01
According to published reports, Weinke will be the starting quarterback for Sunday's game against San Francisco. However, he's not worth starting on your Fantasy team.

Daunte Culpepper, QB MIN - Giggles Updated 11/16/01
Culpepper is one pace for a good Fantasy season despite the lack of consistency in Minnesota's offense this season. He's one of the better quarterbacks in the league from a Fantasy perspective, and should be in your starting lineup on a weekly basis.

Cris Carter, WR MIN - Tori Updated 11/16/01
Carter's numbers may be down somewhat this season, but he's still too good to ever consider benching. The veteran has a knack for finding the end zone, and should have a good game against rookie CB Will Allen and the Giants' secondary on Monday night.

Randy Moss, WR MIN - Russell Updated 11/16/01
Moss is listed as probable for Monday's game against the N.Y. Giants due to an ankle injury. He's been underachieving this season, but it's almost impossible to bench him based on his potential to post solid Fantasy nu!
mb!
ers.

Ricky Williams, RB NO - Bass/Hull Updated 11/16/01
Williams is one of the better Fantasy backs in the league, and is a good player to use on a weekly basis. He'll face an Indianapolis defense that has been underachieving all season long, so Williams is a must-start.

Aaron Brooks, QB NO - Matty Updated 11/16/01

Brooks had a big game against San Francisco last weekend, throwing for 347 yards and two scores. He may be a bit inconsistent this season, but his potential to post huge numbers makes it tough to bench him, especially against a vulnerable Indianapolis defense.

Willie Jackson, WR NO - Martin Updated 11/16/01
Jackson put up a huge game against San Francisco last weekend, posting 11 catches and 167 yards receiving. He'll face a questionable Indianapolis squad that is vulnerable to the pass in Week 10, so starting Jackson this week is a solid option.

Stephen Davis, RB WAS - Bass/Hull Upda!
te!
d 11/16/01
Davis has stepped up his play after beginning the season slowly. He's averaged 112 yards rushing over his last four games, and is once again emerging as a reliable Fantasy player. Give him the start in Week 10 against a Denver defense that is vulnerable to high scoring games.

Tony Banks, QB WAS - Free Agent Updated 11/16/01
Banks has played well of late, throwing five touchdowns in his last three games. He's got a good matchup this weekend against a Denver team that can be beaten through the air, but he's only worth considering in very deep Fantasy leagues.

Michael Westbrook, WR WAS - Free Agent Updated 11/16/01
Westbrook has been inconsistent this season, but he has caught three touchdown passes in his last four games. He'll face a Denver secondary this weekend that is vulnerable at best, so starting him in deeper leagues is worth considering.

Rod Gardner, WR WAS - Free Agent Updated 11/16/01
Gardner has been held in check in his last two games, catching only three passes for 38 yards. He does have a favorable matchup this weekend against Denver, however, so starting him is a good move.

!
Az-Zahir Hakim, WR STL - Neal/McKay Updated 11/16/01
Hakim has been inconsistent in recent weeks, so starting him on your Fantasy team is a gamble unless the matchup is right. He'll go up against a tough New England secondary in Week Ten, so avoid using him outside of deeper leagues.

Torry Holt, WR STL - Tori Updated 11/16/01
Holt continues to put up consistent yardage totals, but he's only scored only three touchdowns this season. He'll face a tough New England secondary this weekend, but he's still worth starting on your Fantasy team based on his potential to put up solid numbers.

Isaac Bruce, WR STL - Frank Updated 11/16/01
Bruce hasn't put up the huge Fantasy totals this season, but he's still one of the better wideouts in the league. He'll face CB Ty Law and the formidable New England secondary, but he's still worth starting based on his potential for big numbers.

Marshall Faulk, RB STL - Matty Updated 11/16/01
Faulk had a huge game against Carolina, proving that he is still the best Fantasy player in the league. He's a must-start every week, and should post solid numbers in Week 10 against New England.

Ernie Conwell, TE STL - Free Agent Updated 11/16/01
Conwell has had a few down weeks, so starting him on your Fantasy team is somewhat of a gamble. With the lack of depth at tight end around the league, however, starting Conwell is something many Fantasy owners will have no choice but to do.

Richard Huntley, RB CAR - Russell Updated 11/16/01
Huntley will be the likely starter this weekend against San Francisco, but don't be surprised if he splits carries with Nick Goings. Avoid starting either back in Week 10 if at all possible.

Donald Hayes, WR CAR - Martin Updated 11/16/01
Hayes had only two catches for 11 yards last weekend against St. Louis. He's been unreliable for Fantasy owners this season, so starting him is a real gamble.

Wesley Walls, TE CAR - Free Agent Updated 11/16/01
Walls has been held in check over the last three weeks, but he's still one of the better tight ends in the league. He's had some success against San Francisco in the past, so starting him is advisable.

Muhsin Muhammad, WR CAR - Martin Updated 11/16/01
Muhammad finally had a somewhat productive game, catching six passes for 75 yards against St. Louis. He's had some success in the past against this week's opponent, San Francisco, so starting him is a decent move.

Brett Favre, QB GB - Frank Updated 11/16/01
Favre has been one of the best Fantasy quarterbacks in the league this season. He'll face an Atlanta team on Sunday with a very vulnerable secondary, so be sure to start Favre this week.

Bubba Franks, TE GB - Free Agent Updated 11/16/01
Franks may not put up huge yardage numbers, but his seven touchdowns in eight games makes him a valuable Fantasy player. Unless you have a better option on your roster, Franks is the type of tight end that should start on a weekly basis.

Bill Schroeder, WR GB - Frank Updated 11/16/01
Schroeder (ankle) is not listed on the NFL injury report, and is expected to start on Sunday against Atlanta. He's a solid play this week against Atlanta, whose secondary is vulnerable to strong passing teams like Green Bay.

Reuben Droughns, RB DET - Free Agent Updated 11/16/01
Droughns will likely split time with Lamont Warren in Detroit's backfield this weekend in James Stewart's absence. Neither back has much Fantasy value outside of deeper leagues, and starting them is a huge gamble.

Lamont Warren, RB DET - Free Agent Updated 11/16/01
Warren will likely start in place of the injured James Stewart on Sunday against Arizona. He's split carries with Reuben Droughns, and is only worth starting as a last resort in larger Fantasy leagues.

More Updates

Teams, Rosters

		Bass/Hull
Eric Bass

Player	TM	<!
FONT FACE="Arial, Helvetica">Pos	Status	Next	Bye	FA

Hasselbeck, Matt	SEA	QB	Active	@BUF	Week 6	100

Davis, Stephen	WAS	RB	Active	@DEN	Week 9	100

Williams, Ricky	NO	RB	Active	IND	Week 2	100

Boston, David	ARI	WR	Active	DET	Week 1	100

Brown, Troy	NE	WR	Active	STL	Week 16	100

Moulds, Eric	BUF	WR	Active	SEA	Week 5	100

Carney, John	NO	K	Active	IND	Week 2	100

Buccaneers	TB	DT	Active	CHI	Week 2	100

Green, Trent	KC	QB	Reserve	bye	Week 10	100

Jones, Thomas	ARI	RB	Reserve	DET	Week 1	100

Smith, Emmitt	DAL	RB	Reserve	PHI	Week 6	100

Ismail, Qadry	BAL	WR	Reserve	CLE	Week 13	100

Dyson, Kevin	TEN	WR	Reserve	@CIN	Week 3	100

Wilkins, Jeff	STL	K	Reserve	@NE	Week 8	100

Total Active Players: 8
Total Reserve Players: 6

NFL Injuries for Bass/Hull

Updated	Player	Team	Pos	Injury	Expected Return<!
/FONT>

11/16/01	Smith, Emmitt	DAL	RB	Knee	Questionable for Sunday's game vs. Phi. but is expected to start.

Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc.
Your site can be reached from http://fantasy.sportsline.com

FB10SP


NAME                     LOC           CO          PHONE #

Pryor  Tony             2610          Enron      287-1031
Powell  Don            2612          Enron       287-1032
Gilbert  Maurice      2614          Enron       287-1033
Visitor                    2616          Enron       287-1034
Storage &
Pricing                   2618           Enron      287-1035
Jones  Dana           2620           Enron      287-1036
Neubauer  Dave      2622           Enron      287-1037
Landreneau  Jada   2624           Dynegy    287-1038
Kitchen                 2625            General   287-1024
Conf. Room           2628            General   287-1045
Meridia   Amin       2630            Dynegy   287-1042
Tran   Janet           2630            Dynegy   287-1041
Weller   Steve       2632             Enron     287-1043
Herbert  Steve       2634             Enron     287-1044
Stage    Michael    2636             Enron     287-1045
Wehring  Linda      2637             Enron     287-1046
McCarran  Penny  2638              Enron     287-1047
Conf. Rm.             2639              General  287-1048
Burleson   Bob      2640              Enron     287-1049
Torres   India         2642              Enron     287-1051
Visitor                  2615-A           Enron     287-1011
Mercaldo Vernon   2615-B           Enron     287-1012
Krishnarao Krishna 2615-C          Enron     287-1013
Bolks  Sean          2615-D           Enron     287-1014
Riehm  Richard     2615-E            Enron     287-1015
Ramirez M Pilar    2615-F            Enron     287-1016
Dyn TBD              2617-A            Dynegy   287-1017
Neville  Sue          2617-B            Enron      287-1018
Threet  Kay          2617-C            Enron      287-1019
Cabrera  Reyna    2617-D            Enron      287-1021
Gottsponer Morgan  2617-E         Enron      287-1022
Roobaert Preston  2617-F            Enron      287-1023
Fax                      2617-G           Enron      287-1020
V-Tel Video           2611
PolyCom              2611                              287-1025


As a follow up to my email from yesterday, responses to SoCalEd's Petition
are due on Tuesday, January 2.  Dan Watkiss has spoken to the FERC attorneys
who will be answering the Petition, and he is comfortable that FERC will be
able to adequately defend FERC against the Petition.  Additionally, Sue Mara
will contact IEP to see if they will be responding to the Petition, and I
have a call in to EPSA to see if they will be responding.  Therefore, because
the responses seem to be adequately covered, and to keep Enron's name out of
the headlines, we do not plan on responding separately to the Petition.

If you have any comments or questions, please let us know.

Sarah

	Sarah Novosel
	12/27/2000 02:19 PM

		 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Linda
Robertson/NA/Enron@ENRON, James D Steffes/NA/Enron@Enron, Joe
Hartsoe/Corp/Enron@ENRON, Sarah Novosel/Corp/Enron@ENRON, Mary
Hain/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, susan.j.mara@enron.com, Jeff
Dasovich/NA/Enron@Enron, Mona L Petrochko/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, Karen Denne/Corp/Enron@ENRON, mpalmer@enron.com,
Alan Comnes/PDX/ECT@ECT, Tom Briggs/NA/Enron@Enron, Cynthia
Sandherr/Corp/Enron@ENRON, Donna Fulton/Corp/Enron@ENRON, David
Parquet/SF/ECT@ECT, Christopher F Calger/PDX/ECT@ECT
		 cc:
		 Subject: SoCalEd Petition for a Writ of Mandamus

On December 26, SoCalEd filed a Petition for a Writ of Mandamus against FERC
regarding FERC's December 15 order, asking the Court of Appeals for the D.C.
Circuit to direct FERC to establish and order "just and reasonable cost-based
rates" for sales in the California ISO and PX markets.  SoCal requests that
the Court act by January 5.

SoCal argues that its lenders have said that unless FERC acts immediately to
"restore creditor confidence" in SoCal's ability to repay its loans, that
SoCal will not be able to access additional funding, so that by mid-January
SoCal will be unable to buy electricity, resulting in rolling blackouts to
its customers.

Please let me know if you have any questions or would like a faxed copy of
the petition.

Sarah


Stan/Jim,

Following, please find Eco's latest update.

Lenders:  a call took place this a.m. with the entire syndicate of lenders (27 in total I believe).  Lenders will proceed to either remove conditions to their credit approvals and/or move forward with presentations to the credit committee - completion time is 1 to 2 weeks; lenders reiterated their ok with a Dec 14 satisfaction of all Cp's to the closing on the SPA with Mirant.  Lender's Agent (ABN Amro) committed to getting the lenders a copy of the "as it stands" lender consent agreement and also committed everyone to issuing a finalized lender consent document by this Friday.  This puts pressure on Mirant to deliver on final comments, following a series of lender counsel correspondence on the agreement (sent last week).

GE: a call took place this p.m. with GE to review status.  We made it clear to Mirant that progress on this front was slow and that we were concerned with their slow document turn around time.  Mirant committed to deliver comments on: the Guarantee, the Members Agreement, the Tax Agreement and also committed to delivering their version of the Share Purchase Agreement with GE, all by Thursday noon time.  The other document pending: the revised bylaws of the new entity where GE's preferred shares will be held, will be prepared by Cayman counsel; work had been held up on Mirant's non-agreement to cover legal fees; that too was resolved today and counsel should have been commissioned.

Other:  Mirant has agreed to have a detailed conference call tomorrow at 5pm to review the "Closing Checklist".  This is very important in that up until now they have been reluctant to discuss any type of work plan and this, at least, gets us all comfortable that they understand the work ahead of us.  Additionally, we sent to Mirant (tonight) a revised side letter providing for the target date of Dec 14th for completion of all CP's, for a (no earlier than) Dec 19th (this is their request) and the elimination of the three business day float between closing of CP's and funding.  In this letter Mirant would commit to dedication of all resources, to diligently pursuing closing of CP's by 12/14 and to a work plan/checklist.

Insurance: (NOT A CP TO CLOSING) final report from third party adjuster has been sent to underwriter's office, care of in-house adjuster.  Unfortunately, the in-house adjuster is out on jury duty for two weeks.  I have a call into Jim B. to see what can be done to expedite the review and approval process.  Worst case here is that, if we insist on handling the claims post closing and Mirant agrees, we will have to guarantee a recovery amount to Mirant.  With the third party adjuster/CPA having signed off on the $26.1 million recovery amount, risk should be greatly mitigated.

Will report on tomorrow's progress at end of business day.

Thanks, Mariella


Steve

given the practitioner audience, I would prefer a less technical
presentation. Perhaps if you can talk about use of real options at Enron in
general, and then give some examples (graphically --no notation) of
diagrammatic representation might be good. Remember there are many talks
and the capacity of the audience to absorb notation, grammar, and technical
detail is limited.

How about a more generic title "Real Options at Enron?"

Please give me your title within Enron please

At 11:07 D_ 04/25/00 +0100, Steven.Leppard@enron.com wrote:
>
>
>Lenos
>
>I'd like to give a talk entitled "Diagrammatic Representation of Real
>Options in Enron", in which I will give a brief run-down of a diagrammatic
>technique I have developed for representing real option deals.  My notation
>allows originators, managers and quants to communicate unambiguously, while
>still appreciating the complexity and subtlety of real optionality.  I have
>defined a "diagrammatic grammar" which guarantees that the pricing of the
>deal follows immediately and automatically from the diagram.
>
>I propose to introduce the symbols and grammar, then go on to present some
>suitable examples of diagrams.  If appropriate I'll talk about the links
>with dynamic programming.  (I will need some guidance as to how much
>technical detail I can go into based on the audience.)
>
>All the best,
>Steve
>
>
>
>
> (Embedded     Enron Capital & Trade Resources Corp.
> image moved
> to file:      From:  Lenos Trigeorgis
> pic29415.pcx) <lenos@ucy.ac.cy>
>               04/20/2000 08:45 PM
>
>
>
>
>
>
>To:   "Steven Leppard" <Steven.Leppard@enron.com>
>cc:   "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
>
>Subject:  Re: Real options conference in Cambridge
>
>
>Steve
>
>thanks for agreeing to talk. I attach the program to see the other speakers
>and style (it is addressed to a professional autience)
>
>Please give me a suitable title for the talk (replacing Kaminski%s slot on
>July 6/Energy session) and the details of your position
>
>Thanks
>
>Lenos
>
>At 05:01 __ 04/20/00 +0100, Steven Leppard wrote:
>>
>>
>>Dear Prof Trigeorgis
>>
>>Vince Kaminski has suggested that I would be a suitable speaker at your
>July
>>conference in Cambridge, and I'd be happy to come along if required.
>Please
>>could you send me appropriate details, and the audience type expected.
>>
>>Many thanks.
>>
>>Yours sincerely,
>>Steve Leppard
>>
>>
>>
>>
>(See attached file: 4thconfsessions.doc)
>
>Lenos Trigeorgis
>Professor of Finance
>University of Cyprus
>Dept of Business
>75 Kallipoleos, PO Box 20537
>CY 1678 Nicosia CYPRUS
>
>Tel: +357 2 892261
>Fax:        339063
>
>
>
>Attachment Converted: "c:\drive_e\eudora\attach\pic29415.pcx"
>
>Attachment Converted: "c:\drive_e\eudora\attach\4thconfsessions17.doc"
>
Lenos Trigeorgis
Professor of Finance
University of Cyprus
Dept of Business
75 Kallipoleos, PO Box 20537
CY 1678 Nicosia CYPRUS

Tel: +357 2 892261
Fax:        339063


Russell:
Here is the Equitable CA.  I have bolded the section that I am concerned
about.
Carol

carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 06/26/2000 08:13 AM -----

	hreich@eqt.com
	06/23/2000 06:24 PM

		 To: Carol.St.Clair@enron.com
		 cc: jowens@eqt.com
		 Subject: Confidentiality Agremeement- Enron

Carol - Here is a revised confidentiality agreement for review per our
discussion. To simplify the questions on Eqt. Energy's agency role, I set it
up so it and Equitable Production would both sign. Hopefully, this is
acceptable. Thanks. Henry (412-553-7711).

 <<E&P>>

 - E&P.doc


Participants:
Gary Fergus  (415) 442-1284
John Klauberg  (212) 424-8125
Christian Yoder


Great job!  Thanks.  Mark

	Mary Clark@ENRON
	01/29/2001 02:46 PM

		 To: Mark E Haedicke/HOU/ECT@ECT, Laura Schwartz/Corp/Enron@Enron
		 cc:
		 Subject: BEAR Program

Mark, I've attached the story about the BEARing Gifts program for your
review.  Please return your comments to me by Friday, Feb. 2.

Laura, please run the story by Judy Herold at CPS.

Thanks to all for this wonderful little story.  It warmed our hearts here in
PR.

Mary


Check out this web site.

Window shopping in Paris
http://www.windowshoppinginparis.com/boutiques.html


Morris:
Could you please review and sign off on the tax language?  Thanks.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 05/25/2001 03:07 PM -----

	Carol St Clair
	05/25/2001 02:52 PM

		 To: Julia Murray/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT
		 cc: Dan Lyons/HOU/ECT@ECT, Lou Stoler/HOU/ECT@ECT, Peter del
Vecchio/HOU/ECT@ECT, Deb Korkmas/HOU/ECT@ECT
		 Subject: Steel Master Form

Julia and harry,
Enclosed is a revised draft of the Steel Master Agreement for your review.
Could you please forward this to Cheryl?  Thanks.

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Looks good, except for the comments on "discourages generation".  Make it
"discourages peaking generation".

Although I agree that any price cap has a "discouraging " impact on the
generation market, it is a matter of degree in this sound bite environment.
To the point, without a creative exit strategy, I would not waste development
money on a 10000-13000 BTU/KWh heat rate peaking project.  However, even with
the FERC order, I will continue to spend money developing base load, 7000
BTU/KWh heat rate projects.  The state is tremendously short on power, the
price cap goes away (theoretically) in two years, $150 is well above the
average expected price in our forcast models (although I agree not above the
price for particular hours if scalers are applied.)

	James D Steffes@ENRON
	11/01/2000 11:39 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: David Parquet/SF/ECT@ECT, Jeff Dasovich/NA/Enron@Enron, Joe
Hartsoe/Corp/Enron@Enron, Karen Denne/Corp/Enron@Enron, Mary
Hain/HOU/ECT@ECT, Mona L Petrochko/NA/Enron@Enron, mpalmer@enron.com, Paul
Kaufman/PDX/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, Sarah Novosel/Corp/Enron@Enron, skean@enron.com,
Susan J Mara/SFO/EES@EES, Tim Belden/HOU/ECT@ECT
		 Subject: Re: Message Points

I agree with much of what Jeff has written.  Here are some additions -

On FERC getting a lot right, look at the Order in relation to our 4 key
points filed in the White Paper -
Removing Market Transparency - Still need FERC to take action
Development of Forwards Market and Risk Management - Great results
Removing distortions on Prices - Wrong action
Ending Cal ISO / Cal PX Stakeholder Boards - Great results

On the risk management issue, FERC itself said "The single most important
remedy that California market needs is the elimination of rules that prevent
market participants from managing risk". [FERC PRESS RELEASE]

ADD - FERC Staff did a great job on preparing a detailed analysis of the
market issues.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	11/01/2000 01:17 PM

		 To: Richard Shapiro/NA/Enron@Enron, James D Steffes/NA/Enron@Enron,
skean@enron.com, Joe Hartsoe/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Tim Belden/HOU/ECT@ECT, Mary Hain/HOU/ECT@ECT,
Susan J Mara/SFO/EES@EES, Mona L Petrochko/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, mpalmer@enron.com, Karen Denne/Corp/Enron@ENRON,
David Parquet/SF/ECT@ECT, Paul Kaufman/PDX/ECT@ECT
		 cc:
		 Subject: Message Points

Here are the messages as I understand them.  Please let me know if I've
misconstrued anything.  Thanks.

FERC got  a lot right in the order and we're very encouraged as a result.
In particular, ending the PX buy/sell requirement and permitting utilities to
manage risk through a portfolio of short and long term contracts is a
fundamental step in the right direction.
However, the proposed price cap is unworkable and will jeopardize realibility
in California.  As structured, it will:
discourage the development of new generation to serve California
fail to provide adequate incentives for demand responsiveness.
force Enron to abandon 300 MWs of new power projects planned for California.
We look forward to participating in FERC's process and are hopeful that
FERC's final order will fix the deficiencies in the current price cap
proposal.
We encourage California to work with FERC to implement the proposals and
quickly fix the flaws in the market on behalf of the state's consumers.


Enron taps credit line; stock slides

10/27/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

HOUSTON (AP) - After Enron Corp. tapped into more than $3 billion in credit in an effort to boost confidence of investors and customers, stock prices dropped.

Enron Corp.'s stock price hit its lowest point in more than five years Friday. Shares fell 95 cents on Friday to $15.40, a level not seen since 1995, as analysts continued to muddle through a complicated series of bookkeeping issues revealed after the company's earnings announcement earlier this month.

The stock is down more than 50 percent in two weeks, and the company lost almost $14 billion in market value.

Late this week the company decided to convert $3 billion in revolving credit it has through various banks into cash. The company put about $1.1 billion in the bank in an effort to reassure business partners and investors of its liquidity and is using the $2.2 billion balance to begin an orderly repurchase of a certain kind of short-term corporate IOU known as commercial paper.

"Nothing spells confidence quite like cash, which is what we want investors to understand," said Enron spokesman Mark Palmer of the $1.1 billion banked this week.

Palmer could neither confirm nor deny that the company is negotiating further lines of credit with banks but described such actions as "good management decisions."

On Oct. 16 Enron's third-quarter earnings release drew renewed attention to an issue investors and analysts had previously been unhappy about: Then-Chief Financial Officer Andrew Fastow, with the Enron board's approval, had formed and run two investment partnerships that could have created a conflict of interest.

The partnerships, LJM Cayman and LJM2 Co-Investment, did complex financing and hedging deals with Enron.

Fastow had resigned from his roles in the partnerships months ago when Wall Street began to question whether he could watch out for the interests of Enron's shareholders and the investment partnership simultaneously. But last week when the company reported a $35 million loss related to ending its LJM ties as well as a $1.2 billion reduction in shareholder equity, new questions began to arise.

The Securities and Exchange Commission's Division of Enforcement launched an informal inquiry into the partnerships, and earlier this week Fastow was put on a leave of absence.

Reducing the company's debt exposure through commercial paper and putting it back into more traditional financial tools, like a revolving line of credit, could give great peace of mind to Enron's investors, said Anatol Feygin, an analyst with J.P. Morgan.

"It helps them shore up their support behind their energy trading business, which is really the core of their operations," Feygin told the Houston Chronicle for Saturday's editions.

Carol Coale, an analyst with Prudential Securities, still sees the move as somewhat confusing.

"Just last week they were touting their unused lines of credit as a plus, but the fact that they tapped those now sends a strange, mixed message," she said. "Do they need the cash to keep the rating agencies off their back? Is it a gesture for customers? It first struck me as another one of these strangely timed actions on the part of management."

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

BARRON'S: REVIEW & PREVIEW

10/27/2001
Capital Markets Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Turning Up the Heat:

Energy trader Enron ousted its chief financial officer days after it said the SEC was conducting an inquiry into billions of dollars of transactions it made with entities tied to the CFO, Andrew S. Fastow. Enron said Fastow took a leave of absence to restore investor confidence. Enron shares have plunged 50% recently, after it announced the probe and reported a $618 million loss.

BARRON'S: The Trader

10/27/2001
Dow Jones Commodities Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Bulls Look To Recovery, As Techs Lead The Surge
By Andrew Barry

-- In what undoubtedly will become a business-school case study, Enron let potentially containable concerns about some asset writedowns and a formerly obscure group of partnerships mushroom into a full-blown financial crisis last week.

Enron's stock plunged 10.60 to 15.45, following a 10-point drop in the prior week, and the company's bonds fell sharply as yields rose to junk levels of around 10%. By week's end, Enron had drawn down $3 billion in bank credit lines to pay off nearly $2 billion in maturing commercial paper, leaving it only about $1 billion of net liquidity.

Enron's big energy trading operation, which accounts for the bulk of the company's profits and most of its equity valuation, now may be vulnerable because it hinges on a solid credit rating and the confidence of trading counterparties. Enron faces potential debt downgrades from the major rating agencies, but the company is likely to remain an investment-grade credit. Moody's Investors Service now rates its debt Baa1, three notches above junk.

One doomsday scenario is that counterparties on existing Enron trades, concerned about Enron's viability, push for settlement of the trades, precipitating the kind of liquidity crisis that engulfed Long-Term Capital Management in 1998.

Despite entreaties by friendly Wall Street analysts to come clean about its financial situation, Enron has resisted, refusing to disclose the size of potential liabilities involving Enron-created partnerships whose debt is guaranteed by Enron.

Enron called a conference call Tuesday to clear the air, but it ended up compounding its problems by failing to answer questions posed by a Boston investor about the Marlin partnership, leaving Wall Street with the clear impression that the company faces a nearly $1 billion loss on that deal.

Some suspect that Enron stonewalling is motivated by fears that further disclosure will expose the inadequacy of the asset coverage behind its partnerships and thus significant Enron liabilities that will impair the company's credit ratings. There may also be the need for potential writedowns of various Enron assets, including its money-losing broadband business.

Enron now trades at only a slight premium to its second-quarter book value of $13 a share, but it's worth noting that tangible book, excluding goodwill, was only $9 a share. Book value fell in the third quarter by an undetermined about because of Enron's $1 billion asset writedown and its still-mysterious $1.2 billion reduction in shareholder equity related to one of its partnerships. The third-quarter book value won't be known until Enron releases its balance sheet, which may not occur until its quarterly 10-Q is released.

The Enron situation is another black eye for Wall Street research. The company was a Street favorite for years because of its strong and consistent profit growth. Enron was able to get away with providing minimal disclosure about its energy trading activities and its partnerships because analysts and investors didn't demand it. The Enron bull case essentially boiled down to the company's leadership in the booming energy trading markets and analysts' confidence in management. The Street really didn't provide much more insight than that into a company that at one point had a $75 billion valuation. That value has since shrunk to $14 billion.

Enron's woes also show how equity analysts pay too little attention to company balance sheets. Until last week, Enron analysts still were more focused on earnings dilution than the more important issue of Enron's financial health.

Enron had about $15 billion in debt and preferred stock outstanding at the end of the second quarter and an undetermined amount of guaranteed off-balance-sheet debt. Enron clearly ignored the importance of its balance sheet, allowing it to grow enormously over the past few years. Judging from the company's rather meager credit lines, Enron apparently figured nobody would ever doubt the financial strength of the king of the energy markets.

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

City - Enron directors cash in shares.
By Simon English.

10/27/2001
The Daily Telegraph
P31
(c) Telegraph Group Limited, London, 2001

LEADING executives at Enron, the troubled US energy giant, cashed in shares worth more than $100m ( #70m) this year in the run-up to a financial crunch that has left the company's credibility in ruins.

Research by Thomson Financial shows that Kenneth Lay, chief executive, sold about 400,000 shares this year, netting him more than $25m. He still held 2.8m shares until July.

Other executives made similar sales, a revelation likely to anger investors who have seen the shares fall from $83 at the start of the year to $45 by July. They halved again this week and fell to below $16 yesterday. Enron declined to comment on the share sales.

Mr Lay said in a statement that he is seeking to "dispel uncertainty in the financial community" by drawing on lines of credit to restore faith in Enron's financial strength. Enron will pay off debts of $2.2 billion and keep another $800,000 in cash. He said: "We know we have our work cut out for us if we are to rebuild our credibility with the investment community."

The company is facing an inquiry by the Securities & Exchange Commission into partnerships managed by Andrew Fastow, former chief financial officer.

Mr Fastow was ousted on Wednesday night as part of the company's moves to restore confidence, though Enron insists he has done nothing wrong.

Enron lost $1 billion in the third quarter on what it has called "failed investments".

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

MONEY
Briefcase
BRIEFCASE

10/27/2001
Orlando Sentinel
METRO
B1
(Copyright 2001 by The Orlando Sentinel)

ENRON STOCK SINKS TO 5-YEAR LOW

Energy trading giant Enron Corp., its stocks hammered by a potential credit crunch and its chief financial officer's ouster, fell to its lowest close in more than five years on Friday. The fall was sparked by word of a big quarterly loss and a Securities and Exchange Commission inquiry into the ousted CFO's links to some of Enron's partnerships. Enron stock closed at $15.50, off 85 cents or 5.2 percent, on the New York Stock Exchange.

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

Enron Taps Credit Line; Stock Slides
Tom Fowler

10/27/2001
KRTBN Knight-Ridder Tribune Business News: Houston Chronicle - Texas
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World Reporter (TM)

Enron Corp.'s stock price hit its lowest point in more than five years Friday after it tapped into more than $3 billion in revolving credit in an effort to re-assure investors and customers.

Shares fell 95 cents on Friday to $15.40, a level not seen since 1995, as analysts continued to muddle through a complicated series of bookkeeping issues revealed after the company's earnings announcement earlier this month. The stock is down more than 50 percent in two weeks, and the company lost almost $14 billion in market value.

Late this week the company decided to convert $3 billion in revolving credit it has through various banks into cash. The company put about $1.1 billion in the bank in an effort to reassure business partners and investors of its liquidity and is using the $2.2 billion balance to begin an orderly repurchase of a certain kind of short-term corporate IOU known as commercial paper.

"Nothing spells confidence quite like cash, which is what we want investors to understand," said Enron spokesman Mark Palmer of the $1.1 billion banked this week.

Palmer could neither confirm nor deny that the company is negotiating further lines of credit with banks but described such actions as "good management decisions."

Enron's most recent woes began Oct. 16 when its third-quarter earnings release drew renewed attention to an issue investors and analysts had previously been unhappy about: Then-Chief Financial Officer Andrew Fastow, with the Enron board's approval, had formed and run two investment partnerships that could have created a conflict of interest.

The partnerships, LJM Cayman and LJM2 Co-Investment, did complex financing and hedging deals with Enron and were formed originally as a way to offset risks associated with some of the company's newer businesses such as broadband trading.

Fastow had resigned from his roles in the partnerships months ago when Wall Street began to question whether he could watch out for the interests of Enron's shareholders and the investment partnership simultaneously. But last week when the company reported a $35 million loss related to ending its LJM ties as well as a $1.2 billion reduction in shareholder equity, new questions began to arise.

Analysts began to demand more details behind the workings of the partnerships, details that Enron did not provide as quickly as some would have liked.

Enron Chief Executive Officer Ken Lay told analysts and investors the company was careful to ensure that the interests of Enron and its shareholders were protected, but The Securities and Exchange Commission's Division of Enforcement launched an informal inquiry into the partnerships, and earlier this week Fastow was put on a leave of absence.

In drawing down the $3.3 billion line of revolving credit this week, the company put about $1.1 billion in the bank to ensure liquidity and is using the balance to begin an orderly repurchase of its commercial paper.

Now Enron will begin repurchasing its commercial paper. This is a way for companies to raise money over a short period at rates that are usually slightly better than what banks offer, and often with more flexible terms.

Investors in commercial paper -- who are actually more like lenders, since it's actually a form of debt -- are often fund managers who often have large sums of extra cash in search of short-term investments.

The investors like commercial paper because it lets them earn money on cash that would sit idle otherwise and lets them do it through something issued only by companies with top credit ratings and usually backed by bank lines of credit.

"To some extent, redeeming the commercial paper is at the expense of the capital markets, which look at it negatively," said Anatol Feygin, an analyst with J.P. Morgan.

But reducing the company's debt exposure through commercial paper and putting it back into more traditional financial tools, like a revolving line of credit, could give great peace of mind to Enron's investors, he said.

"It helps them shore up their support behind their energy trading business, which is really the core of their operations," Feygin said.

Carol Coale, an analyst with Prudential Securities, still sees the move as somewhat confusing.

"Just last week they were touting their unused lines of credit as a plus, but the fact that they tapped those now sends a strange, mixed message," she said. "Do they need the cash to keep the rating agencies off their back? Is it a gesture for customers? It first struck me as another one of these strangely timed actions on the part of management."

Jeff Dietert, an analyst at Simmons & Co., said Enron management needs to continue to make clear the issues that have investors confused and concerned.

In a worst-case scenario, investor fears could create a vicious cycle that continues to drive the stock down, which would force bond rating agencies to consider downgrades of Enron. That could lead to lower credit ratings, which would force Enron's energy trading partners to limit their exposure to the company and cut back on business with it.

"Thus, we see a big incentive for Enron to clarify the issues," Dietert wrote in a report Friday. "Our gut feel is that Enron can pull it off."

Feygin said he also believes the company will continue to do better in revealing its financial dealings but thinks there may be more surprises in store.

For example, a Wall Street Journal article Friday discussed for the first time another business entity with ties to Enron known as Chewco. It was formed in 1997 with about $400 million in financial backing to buy interests in unnamed Enron assets.

Chewco was run by Michael Kopper, a managing director of Enron's Global Equity Markets Group.

"Frankly, that was the first time I had ever heard of that entity," Feygin said. "Until now, everything that's come out I've at least heard of or had some idea of what they were from the company's filings or discussions. This is something I had never heard of before."

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MONEYSENSE
BUSINESS BRIEFS
BUSINESS BRIEFS
A staff and wire report

10/27/2001
The Tampa Tribune
FINAL
1
(Copyright 2001)

Enron Stock Skids

Enron Corp. bonds and shares fell Friday after the nation's largest energy trader tapped a $3 billion credit line. The company's stock has fallen 54 percent in the past 14 days, and was down again Friday, dropping 95 cents, or 5.8 percent, to $15.40.

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Business/Financial Desk; Section C
BUSINESS DIGEST

10/27/2001
The New York Times
Page 1, Column 1
c. 2001 New York Times Company

Enron Buys Back $3 Billion of Debt

Enron, trying to reassure investors that it has ample liquidity, began to repurchase all its outstanding commercial paper, using $3.3 billion it had borrowed from banks. [C2.]

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Business
Daily Briefing
FROM STAFF AND WIRE REPORTS

10/27/2001
The Atlanta Journal - Constitution
Home
F.2
(Copyright, The Atlanta Journal and Constitution - 2001)

Enron announces new financial chief

Houston --- Enron Corp. promoted Jeff McMahon to chief financial officer. Former CFO Andrew Fastow will take a leave of absence, the company said. Enron's share price has dropped six days in a row following an inquiry into partnerships Fastow ran.

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

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

The Enron Corporation, trying to reassure investors that it has ample liquidity, began to repurchase all its outstanding commercial paper yesterday, using $3.3 billion it borrowed from banks by depleting its lines of credit.

An Enron spokesman said that when the commercial paper repurchases are completed the company will retain more than $1 billion in cash.

The moves did not appear to reassure investors, as Enron's share price fell to another six-year low. Shares traded as low as $15.04 yesterday, before ending the day at $15.40, down 95 cents.

The move will raise the interest expense for the company, because banks normally charge more than companies have to pay in the commercial paper market, and because its outstanding debt will rise by the additional $1 billion.

Enron's debt is rated investment grade. But its bonds now trade below investment grade levels, although not so low that it appears investors fear an early default. But with the bonds trading so low, it is unlikely Enron will be able to sell more commercial paper.

Enron's stock has been plunging since Oct. 17, shortly after it disclosed that its third-quarter balance sheet, which has yet to be released, will show a $1.2 billion reduction in shareholder equity as a result of complicated transactions involving partnerships formerly controlled by Andrew Fastow, who was the company's chief financial officer until he was replaced on Wednesday.

The stock has lost more than half its value since the earnings announcement, and the company has disclosed that the Securities and Exchange Commission has asked questions about its accounting practices.

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Business; Financial Desk
Enron Decline Continues
Bloomberg News

10/27/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company

HOUSTON -- Enron Corp. bonds and shares fell after the largest energy trader tapped a $3-billion credit line because it has been shut out of the leading market for low-interest, short-term loans.

The company's stock has fallen 54% in the last 14 days after investors questioned its transactions with affiliates run by Enron's former chief financial officer. The shares fell 95 cents, or 5.8%, to $15.40 on the New York Stock Exchange.

Investors said Chief Executive Kenneth Lay has failed to reassure them that the company's credit rating won't be cut. Enron can no longer borrow in commercial paper markets, where short-term loans carry lower rates than banks offer.

"Do they have the financial flexibility they once had? No," said John Cassady, who helps manage $3 billion in bonds at Fifth Third Bancorp. "People are questioning the credibility of management."

The company will use its credit line to pay off $2.2 billion in commercial paper it has outstanding, Enron spokesman Mark Palmer said.

The price of Enron's 6.75% bonds, which mature in 2009, declined 11/2 points to a bid of 84 cents on the dollar and an offer of 86 cents. At that price, the bonds, which carry a rating of BBB+, yield 9.53%.

Investors have grown concerned that the firm's credit rating will be cut after $1.01 billion in third-quarter losses from failed investments. Enron needs good credit to raise cash daily to keep trading partners from demanding collateral and to settle transactions.

Enron's decision to tap its credit line was "a smart financial move," said Stephen Moore of Moody's Investors Service. "It took away the hassle and time-consuming nature of rolling commercial paper and insured access to capital."

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SHORTS - Enron bond prices under pressure.

10/27/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved

Enron, the Houston-based energy trading giant, continued to pay the price for financial opacity as its stock slumped to its lowest level since 1995 and its five-year bonds traded at 77 cents in the dollar with a yield of 11.13 per cent, down from 83 cents on Thursday. Bond prices at these levels normally suggest that investors expect a company to file for bankruptcy. Page 10.

(c) Copyright Financial Times Ltd. All rights reserved.

http://www.ft.com.

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