USA: Enron shares in stay in doldrums after downgrade.
Reuters English News Service, 10/29/01
USA: US companies' credit quality to worsen-Moody's.
Reuters English News Service, 10/29/01

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
Bloomberg, 10/29/01

USA: Enron shares drop despite further triage attempts.
Reuters English News Service, 10/29/01

USA: Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
USA: UPDATE 1-Enron says in talks with banks for new credit line.
Reuters English News Service, 10/29/01
POWER POINTS:Enron May Have To Rethink Asset-Light Focus
Dow Jones Energy Service, 10/29/01
OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's
AFX News, 10/29/01
USA: Moody's cuts Enron to 2 notches above "junk".
Reuters English News Service, 10/29/01
UK: Europe energy firms wary of Enron on credit worries.
Reuters English News Service, 10/29/01
BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
Dow Jones Energy Service, 10/29/01

USA: Enron shares in stay in doldrums after downgrade.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron Corp.'s share price hovered above seven-year lows touched in earlier trade Monday after Moody's Investor Service cut the credit status of its senior unsecured debt of North America's largest energy trader to two ratings above junk status.
Enron, the largest electricity and natural gas trader in North America, also on Monday said it was in talks with banks to expand its credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron shares were down $1.40, or 9.03 percent, to $14.10 on the New York Stock Exchange, after earlier in the session trading below $14 for the first time since December 1994.
Moody's also warned that it could cut the debt rating again, now downgraded to Baa2, as well as its rating for the Enron's commercial paper.
Enron's credit-worthiness will have a direct affect on its day-to-day trading operations and its trading partners' perception of making good on trades. With a credit rating hovering above junk status, the cost of doing business will soar as trading partners look for increased collateral to back trades.
Last week Enron shares lost almost $14 billion in market value as a series of piecemeal disclosures about the company's involvement in complex partnerships began to trickle out.
Investors have fled Enron's stock in droves following disclosures that the company did off-the-balance sheet transactions with two limited partnerships run by former chief financial officer Andrew Fastow in deals the U.S. Securities and Exchange Commission is now looking into for possible conflict of interest.
Enron compensated its partners in this off-balance sheet structure with the promise of Enron shares, if the value of private investments in several of its units fell below a certain level.
Many industry observers see Enron's request for additional credit, after the company tapped its banks for $3.3 billion last week, as a sign a weakness.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carol Levenson, an analyst with independent research firm gimmecredit.com.

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

USA: US companies' credit quality to worsen-Moody's.
By Jonathan Stempel

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - U.S. corporate credit quality is likely to grow much worse before it gets better, a leading credit rating agency said in a report issued on Monday.
Moody's Investors Service said that in the third quarter, it put on review for downgrade its credit ratings for 122 U.S. companies. At the same time, it put on review for upgrade its ratings for just 22 companies.
That 5.5-to-1 ratio is far greater than the 1.3-to-1 ratio in the second quarter.
In dollar terms, the situation looks more dire. Moody's warned it may downgrade $543 billion of debt, dwarfing the $66 billion Moody's said it may upgrade by 8.2-to-1.
"Particularly in light of September 11, the fourth quarter will be particularly weak for credit rating changes," said John Puchalla, Moody's senior economist. "A wide excess of rating reviews for downgrade over upgrades in the third quarter suggests credit deterioration will persist at least into early next year."
Rating reviews are significant because, unlike actual rating changes, they are not a "lagging" indicator, and suggest the future direction of corporate credit. Moody's normally wraps up its reviews within three months.
U.S. corporate credit quality is falling for many reasons. These include the weakening U.S. economy, an inability of marginal companies to raise cash, debt-financed merger activity and fallout from the Sept. 11 attacks on such industries as airlines, insurance, and travel.
For example, Moody's in July warned it may cut Comcast Corp.'s ratings after the Philadelphia-based company bid $44.5 billion for AT&T Corp.'s cable TV operations.
Then last month, Moody's warned it may cut Chicago-based Boeing Co.'s ratings because of the attacks' potential impact on demand for commercial airplanes.
In the third quarter, Moody's warned it may cut its ratings of 54 speculative-grade, or "junk"-rated, companies, and raise the ratings of just 11. For investment-grade companies, the gap was even more yawning: 68-to-11.
And in the fourth quarter? Through Friday, Moody's warned it may downgrade 47 companies and raise a mere four. On Monday, it downgraded embattled energy trading giant Enron Corp., and put all of its ratings on review for another downgrade.
Puchalla, however, said the decline could slow next year, in part because interest rates are low and companies are managing their balance sheets more conservatively.
"Lower borrowing costs and slowing debt growth should reduce debt servicing costs, and fiscal stimulus from the federal government should boost business revenues," he said. "That is a positive for credit quality."
The third quarter was the 14th in a row when corporate rating downgrades outpaced upgrades. The record is 19 quarters, set between 1988 and 1993.

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

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)
2001-10-29 12:16 (New York)

Enron's Lenders to Demand Harsher Terms, Analysts Say (Update1)

     (Updates with analyst comment in fifth paragraph.)

     Houston, Oct. 29 (Bloomberg) -- Enron Corp., which can't get
low-interest, short-term loans, faces skeptical lenders who will
demand increasingly harsher terms as the largest energy trader
tries to get cash in the bank, credit analysts said.

     ``Anyone providing new funding is going to be nervous,'' said
Sean Egan, managing director at Egan-Jones Ratings Co. ``It's
likely that lenders are going to demand collateral.''

     Enron is trying to get $1 billion to $2 billion in loans from
Citigroup Inc., J.P. Morgan Chase & Co. and other banks to calm
investors after a 52 percent drop in the company's stock since
Oct. 17, the Wall Street Journal reported. The company needs cash
every day to settle commodities transactions and to keep trading
partners.

     The company on Thursday tapped $3.3 billion in bank credit
lines last week to pay off about $2 billion in commercial paper,
or short-term corporate loans. A week ago, the Enron said the U.S.
Securities and Exchange Commission had began an inquiry into
related-party transactions. They cost the company $35 million and
$1.2 billion in lost shareholder equity.

     ``Banks are in the driver's seat, and Enron is a little
desperate,'' said Peter Petas, a debt analyst at CreditSights Inc.
``I think their interest rates for loans would go up.''

                       Sells Assets for Cash

     Companies in Enron's situation often agree to other bank
terms in order to secure loans, Petas said. Those can include
agreeing to use proceeds from selling assets to pay debt and
putting up assets as collateral.

     Enron is attempting to sell assets to raise cash. Two related
partnerships, Osprey and Marlin, depend on selling power plants
and similar assets to repay $3.3 billion borrowed to buy the
plants. Enron may have to pay any difference between the debt and
sales proceeds.

     The company plans to complete the $2.9 billion sale of
Portland General Electric, an Oregon utility, to Northwest Natural
Gas Co. next year.

     Shares of Houston-based Enron fell $1.30, or 8.4 percent, to
$14.10 in midday trading. Earlier, they touched $13.55, down 12
percent. The company's credit rating was cut by Moody's Investors
Service after it wrote down the value of its assets.

     The stock had tumbled 80 percent in the past 12 months.

--Russell Hubbard in the Princeton newsroom, 609-750-4651

USA: Enron shares drop despite further triage attempts.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Enron shares slipped to a new six-year low in early trade as North America's largest natural gas and electricity trader said it was talking to banks about tapping additional credit lines to ease financial concerns that have sent its stock slumping more than 50 percent in the past two weeks.
Enron's shares were trading down 90 cents, or 5.8 percent, to $14.60 in early morning trade on the New York Stock Exchange. Shares crashed through $15, a low not seen since February 1995.
Last week, Enron shed almost $14 billion in market value as its stock price tumbled more than half since last week, when a series of piecemeal disclosures about its involvement in complex partnerships began to trickle out.
However, many industry observers see Enron's request for an additional credit after tapping its banks for $3.3 billion last week after as a sign a weakness not of strength.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead ... it's an act of desperation," said Carole Levenson, research analyst with independent research firm gimmecredit.com.

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

USA: Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a move to shore up investor confidence.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on a new credit line.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
Enron shares sank 50 cents, or 3.2 percent, to $15 in early morning trade on the New York Stock Exchange. ((David Howard Sinkman, New York Newsdesk 646-223-6094)).

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

USA: UPDATE 1-Enron says in talks with banks for new credit line.

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Energy trading giant Enron Corp. said on Monday it is in talks with banks for additional credit, in a new move to shore up investor confidence after it tapped about $3 billion in credit last week, and to stop a plunge in the company's stock that set new six-year lows.
Enron declined to comment on the size of the credit line, which banks it is in talks with and when it expects to complete an agreement on the new credit line.
Enron shares crashed through a psychological barrier of $15 a share, shedding $1.66, or 10.65 percent, to $13.85 in early morning trade on the New York Stock Exchange. The stock has lost more than half of its value in the past two weeks, losing more than $14 billion in market capitalization.
"We want to restore investor and market confidence and nothing instills confidence like cash," said Enron spokesman Mark Palmer in Houston.
Enron shares have tumbled since the company reported its first-quarterly loss in more than four years on Oct. 16. The company also wrote down $1.2 billion in equity, including transactions with partnerships formerly run by its chief financial officer who was forced to step down from Enron last week.
The sell-off was sparked by investor concern about the transparency of the transactions, which the Securities and Exchange Commission is examining. Enron last week replaced CFO Andrew Fastow as part of efforts to restore investor confidence.
The Wall Street Journal reported Monday the beleaguered energy trader is negotiation with bank for a new credit line of between $1 billion to $2 billion to prop up share prices following last week's selling that sent shares plummeting.
Enron said it drew about $3 billion in new credit lines last week, and has a net cash liquid position in excess of $1 billion.
"Clearly, both the stock and bond market view Enron as being in dire straits," said independent research firm Gimme Credit analyst Carol Levenson.
"We are not of the opinion that drawing down all of one's backup bank lines is a demonstration of financial strength, but instead it's an act of desperation."

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

POWER POINTS:Enron May Have To Rethink Asset-Light Focus
By Mark Golden

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- On the face of things, it's hard to understand the stock market's headspinning reaction to Enron Corp.'s (ENE) revelation of some bad news in recent weeks.
Why the talk of a "death spiral" for North America's premier energy trading company? The stock price of Cisco Systems Inc. (CSCO), for example, saw an almost identical drop over a similar 12-month period. Nobody questioned the viability of Cisco.
The difference is that over the past few years, Enron has redefined itself as a company that runs on financial and intellectual muscle - not hard assets - and that focus is getting the company into trouble now that its credibility is in question.
If you're buying network components, you can probably stand some ambiguity in the finances of your supplier. After all, you're buying something you can touch. But if you're buying power or gas, what you're really buying is a commitment to deliver. If your supplier doesn't come through when the market gets tough, you're left totally exposed. In Enron's energy trading business, then, credibility at every level is critical.
For now, Enron looks to be more than viable. But the company's asset-light strategy might not be. Gross profits from trading have shrunk to 1.65% in the third quarter from 5.26% in the first quarter of 1998. Meanwhile, asset-heavy energy companies like Mirant Corp. (MIR) and Calpine Corp. (CPN) successfully use trading to optimize the performance of power plants and other infrastructure.
Two weeks ago, Enron reported a $618 million third-quarter loss, resulting from $1.01 billion in write-offs. That didn't send investors running, however. In fact, its stock price rose a bit on the news.
What hurt was the disclosure that Enron had reduced its net assets, or "shareholders' equity," by $1.2 billion as a consequence of unwinding positions in partnerships headed by former Chief Financial Officer Andrew Fastow. That, along with warnings of possible downgrades by credit ratings agencies and an inquiry by the Securities & Exchange Commission produced a $15.6 billion drop in Enron's market value.
On Monday, Moody's Investors Service followed through by downgrading its rating on Enron's senior, unsecured long-term debt to Baa2 from Baa1, leaving it two steps above junk-bond levels. The agency kept Enron's ratings on watch for further downgrade.
Long-Running Concerns

A 50% hit to shareholder value still seems like an overreaction to a 10% reduction in shareholders' equity. The stock price reflects the expectation of additional losses to be reported and Enron's loss of credibility. Enron executives in a conference call Tuesday insisted that the worst was behind them, but few on the call believed that.
For some analysts, Enron's revelations only fed long-running concerns about the company's lack of financial disclosure.
Cary Wasden, managing partner of Reed Wasden Research, has had a "sell" recommendation on Enron since March. Unlike the analysts at big Wall Street firms, Wasden isn't in the business of selling stock. His firm isn't involved in brokerage and isn't a hedge fund. Wasden gets paid for his research, and the company doesn't invest in the securities it covers.
A main Wasden concern with Enron is that the company has regularly included the proceeds from one-time sale of physical assets in operating income. His belief is that Enron has dramatically inflated its earnings for the past couple of years - a concern to which an Enron spokeswoman couldn't immediately respond.
"Don't believe by any means this is the end of the story," Wasden said.
Wall Street sell-side analysts have largely kept Enron as a "buy" or "strong buy" as the stock fell from $90 to $20. But even they are expressing concerns about the quality of Enron's reporting.
For now, the plunge in the price of Enron's shares and bonds, which last week started trading like junk-rated debt, hasn't hurt its credit standing with energy trading partners.
"We haven't changed our thinking regarding Enron or our policies and practices. We're watching it, and so is everybody else, but they are a solid company," Reliant Energy Inc. (REI) spokesman Richard Wheatley said in a typical reaction. "This is unfortunately a feeding frenzy regarding some dealings that I'm sure Enron will be able to come out of at some point."
Keeping Talent A Challenge

Enron is a big company - far too big to ignore. But continued deterioration in the price of its shares and bonds could lead counterparties to restrict their traders' transactions with Enron. If the company's investment-grade bonds continue to trade near levels traditionally considered distressed, risk managers won't be able to ignore it, whatever else Moody's does.
Assuming that doesn't happen, Enron still faces a tough road ahead. Like all companies, Enron is the combination of capital and talent. For financial companies, talent is the more important ingredient, and Enron has been suffering damage to its talent for some time.
New Chief Executive Jeff Skilling left in August, and a handful of his key lieutenants left earlier in the year. The losses can be expected to continue. Much of the top management cashed out when the company's stock price was high and moved on. Now middle management on down is angry and anxious to move on, if they haven't already.
Over the years, Enron has compensated its very talented labor with stock options to make up for base pay considered low by the industry. Those options are now nearly worthless. If Enron's debt-service costs rise, the company could struggle to attract the talent needed to generate income in its core business of trading energy in North America.
Some analysts would like to see more turnover at the very top. When Skilling left, nobody believed Skilling or Chairman Kenneth Lay's assurances that it was for "personal reasons." When CFO Fastow was forced out of his position last week, Lay said, "In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO."
That's putting words in Wall Street analysts' mouths. Who thought scapegoating Fastow was really the answer?
"I don't know anybody who said that," Wasden said. "What did the CFO do, what did Skilling do, that Ken Lay wasn't part of?"
Real change will have to come from without, Wasden said.
"Enron has been a cult, more than a company," he said. "Recruiting from within does nothing to change the company, it just changes the disciples. Enron needs to pull some top talent from outside."
Nevertheless, Wasden thinks Enron's stock has reached its natural floor and, if the company starts disclosing how it really makes money, it can recover over time.
"There are a lot of earnings that can be wrung out of really strong operating assets, like pipelines and power plants," he said.
That means paying more attention to the assets that Enron has spent the past few years denigrating. Given the bind Enron is in, Lay won't have much choice. Enron will survive, but it won't be the same company at all.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

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

OFFICIAL CORRECTION Enron long-term ratings downgraded to Baa2 - Moody's

10/29/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

(Moody's corrected its stance on Enron ratings to a downgrade)
NEW YORK (AFX) - Moody's Investors Service said it has lowered the senior unsecured long-term debt ratings of Enron Corp from Baa1 to Baa2 following a deterioration in Enron's financial flexibility since the company announced significant writedowns as well as equity charges in previously undisclosed partnership investments.
The long-term debt ratings remain on review for further downgrade, Moody's said.
Moody's also placed the company's Prime-2 rating for commercial paper on review for downgrade.
Moody's initially placed Enron's long-term debt ratings on review on Oct 16. The write-downs and equity charges led to a substantial loss in investor confidence that has led to a more than halving of Enron's share price and difficulties in rolling over commercial paper, according to Moody's.
In response to these events, Moody's said Enron has shored up its near-term liquidity position by drawing down on all of its committed revolving credit facilities and buying back its outstanding commercial paper, leaving the company with a net cash position of approximately 1.2 bln usd.
Moody's said it plans to focus on management's success in lining up further liquidity support and on their ability to retain credit availability from their major counterparties.
aw/gc For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

USA: Moody's cuts Enron to 2 notches above "junk".

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 29 (Reuters) - Moody's Investors Service on Monday cut embattled energy trading giant Enron Corp.'s senior unsecured debt rating to two notches above junk status, and warned it may cut that rating again, as well as its rating for Enron's commercial paper.
The rating agency cut Houston-based Enron's senior unsecured debt to "Baa2" from "Baa1," and said it may cut Enron's "Prime-2" commercial paper rating, which affects short-term debt. Its rating actions affect $13 billion.
Moody's said Enron is suffering from deteriorating financial flexibility since it announced big write-downs and equity charges from previously undisclosed partnership investments this month. This triggered "difficulties in rolling over commercial paper," Moody's said.
Enron, which has about $63.4 billion in energy assets, said on Monday it is talking with banks to get more credit, after last week drawing down $3 billion from a bank credit line to buy back its outstanding commercial paper.
Its shares traded Monday on the New York Stock Exchange at $13.75, down $1.75, or 11.3 percent. They have fallen 62 percent since Oct. 12, from $35.81.
Rating agency, Standard & Poor's, on Thursday revised its outlook for Enron's ratings to "negative" from "stable."

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

UK: Europe energy firms wary of Enron on credit worries.
By Stuart Penson

10/29/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 29 (Reuters) - Energy companies in Europe are shying away from trading with troubled U.S. energy group Enron amid concerns about the company's credit status, industry sources said on Monday.
Several large energy groups have frozen their dealings with Enron - one of Europe's biggest gas and power traders - as they hold urgent talks with the U.S. group about setting up new credit arrangements, the sources said.
"I think Enron's approach is to get the major counterparties back on board as quickly as possible and then hope the smaller ones will follow," said the head of risk management at one UK utility that halted its trade with Enron last week.
"They are talking with us about bank letters of credit," he said. "The people that are still trading with them are doing so on a very restrictive basis."
A spokesman for Enron's European headquarters in London headquarters declined to comment.
Reluctance to trade with Enron in Europe comes as the company tries to rebuild investor confidence after its stock hit five-year lows.
Triggering the slide was news last week the U.S. Securities and Exchange Commission is investigating huge losses relating to a private equity operation run by its former chief financial officer.
Houston-based Enron trades a large amount of its volume in the U.S. and Europe through its Internet EnronOnline system.
Last Friday the company said trade on EnronOnline was above average levels with more than 8,400 transactions at a notional value of approximately $4 billion.
Traders said Enron's plight could hit liquidity in European gas and power markets, where liberalisation has unleashed rapid growth in energy trading in the last couple of years.
One industry source cited a brokers list showing eight companies in the UK electricity market had put on hold their trading Enron, which is among the biggest five traders in the market.
In mainland Europe, where Enron has been a major driver of liquidity, potential counterparties are treading with care.
"We are avoiding them as counterparties - either by not trading with them or by using a 'sleeve' (a third party trader)," said a senior trader at one of Germany's big utilities, who declined to be named.
French traders said wariness about dealing with Enron had dampened liquidity although Enron was still in the market on Monday morning.
"Enron is a major player so counter parties are looking to see if there is a problem," said one French trader.

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

BANDWIDTH BEAT: Enron Puts Spotlight Back On Broadband
By Michael Rieke

10/29/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Dow Jones Newswires Column

HOUSTON -(Dow Jones)- Thanks to Enron Corp. (ENE), the broadband sector again looks like a place to make money.
But it won't be traders who will cash in on this new potential. It will be class-action attorneys. They're already lining up to sue Enron in at least five shareholder suits.
As of Oct. 25, two of lawsuits had been filed against Enron in federal court and three more in Texas state court. Most of them name as defendants Ken Lay, Enron's longtime chairman, former Chief Executive Jeff Skilling and Andrew Fastow, Enron's chief financial officer until he was put on leave of absence Oct. 25.
Still another suit, which isn't a class action suit, was filed naming as defendants members of Enron's board of directors.
All the lawsuits concentrate on private investment partnerships Enron set up, many of them managed by Fastow. Most of the suits contend that it was a conflict of interest to have the Fastow partnerships doing complicated hedging transactions with Enron.
The transactions named in the lawsuits involved billions of dollars of underperforming assets in broadband, water and other Enron investments.
Fastow operated on both sides of some of those transactions. As Enron's chief financial officer, he was being paid to manage the corporation's finances. As general partner of two LJM partnerships, he managed the counterparties to billions of dollars of trades with Enron. He shared in profits of those partnerships.
When investors began demanding information about the transactions, Enron's share price began to slide. With the heat on, Enron recently unwound the trades with the partnerships and booked $544 million related to losses from early termination of the deals, among other things.
That's when the class action attorneys went to work. So far, at least 14 law firms are representing the plaintiffs. Enron didn't respond to calls asking about the lawsuits.
Among the law firms representing plaintiffs is Milberg Weiss Bershad Hynes & Lerach, which put out a news release announcing its lawsuit. The release points out that the firm has been responsible for recovering more than $30 billion from class action lawsuits.
The lawsuits bring up questions about the bandwidth trading market. Some of the deals with the LJM partnerships run by Fastow "purportedly involved hedging transactions in the broadband market," according to Abrams and Franks v. Enron et al.
That could tie into questions that have lingered in the bandwidth market for months. Market skeptics have said Enron and other energy companies are the only ones trading bandwidth.
Enron has reported that it has been trading with a growing number of counterparties, a total of 120 in the second quarter of this year, according to Enron.
Now market watchers will want to know if any of Enron's trades were done with the LJM partnerships managed by Fastow.
They will also want to know how many bandwidth trades were done with Chewco Investments. That Houston company, according to a report in The Wall Street Journal, was managed by Michael Kopper and was set up in 1997 when Kopper was a managing director with Enron's Global Equity Markets Group. He left Enron earlier this year to work for partnerships run by Fastow.
Do the plaintiffs' attorneys know whether Enron was trading bandwidth with any of those investment partnerships?
"I think if is too early to tell," Thomas Bilek of Hoeffner & Bilek told Bandwidth Beat. "As you know, (information) is coming out in drabs and dribbles from Enron."
It could be several months before plaintiffs' attorneys get a chance to ask Enron officials those questions, Bilek said.
It's also too early to tell what potential damages plaintiffs could win, said Steven Schulman, an attorney with Milberg Weiss. "At this point, you can only talk about it in terms of (shareholder) losses, and the losses are in the billions."
Total losses will depend on the price each shareholder plaintiff paid for the stock and the price at which each shareholder later sold the stock.
Enron's share price topped out between $90 and $91 in the summer of last year. It set a 52-week low Oct. 26 at $15.04. That spread leaves plenty of room for losses.
Schulman told Bandwidth Beat that the record for losses in shareholder cases is $11 billion in a case involving Cendant Corp. (CD). Damages are usually a substantial portion of losses, Schulman said.
"Whether (the Enron case) is bigger or less, I couldn't opine," he said. "This is a big case, by any means."
-By Michael Rieke, Dow Jones Newswires; 713-547-9207; michael.rieke@dowjones.com

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


This was changed last night to SP-15, but Jeff forgot to change the index.
It's been changed to DJ SP-15 Peak Index.

Kate

	From:  Sharen Cason                           02/27/2001 03:55 PM

To: Jeff Richter/HOU/ECT@ECT, Kate Symes/PDX/ECT@ECT
cc:

Subject: #533084

This deal is against the NP index with an SP del point.  Is that what you
want?

Thanks!


Just something I noted as I got in to approve Edison Mission.  West power was
also in the queue for approval.  We had previously had them approved for all
power, and Credit had shut them down for power because Credit has been
worried about their financial condition ala PG&E, but now is willing to open
them up for all power.  I thought it was OK to open them up for all power
since we had them open for all power before, but I just wanted to run it by
you just in case...

	Marcus Nettelton@ENRON
	05/21/2001 05:10 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: FW: EOL Approvals: 05-21-01

Ditto Credit.

	Tana Jones@ECT
	05/21/2001 05:06 PM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: FW: EOL Approvals: 05-21-01

----- Forwarded by Tana Jones/HOU/ECT on 05/21/2001 05:06 PM -----

	Wendi Lebrocq/ENRON@enronXgate
	05/21/2001 04:40 PM

		 To: Karen Lambert/ENRON@enronXgate, Tana Jones/HOU/ECT@ECT, Samuel
Schott/ENRON@enronXgate, Mark Taylor/HOU/ECT@ECT, Brant
Reves/ENRON@enronXgate, Debbie R Brackett/ENRON@enronXgate, Cynthia
Clark/ENRON@enronXgate, Enron Europe Global CounterParty/LON/ECT@ECT,
Stephanie Sever/ENRON@enronXgate, Tom Moran/ENRON@enronXgate, Claudia
Clark/ENRON@enronXgate, William S Bradford/ENRON@enronXgate, Lisa
Lees/ENRON@enronXgate, Juana Fayett/Corp/Enron@Enron, Jana
Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT, Sonya
Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT, Karen O'Day/ENRON@enronXgate,
Tanya Rohauer/ENRON@enronXgate, Kelly Lombardi/ENRON@enronXgate, Brian
Lindsay/Enron Communications@Enron Communications, EOL Call Center@ECT, Bill
D Hare/ENRON@enronXgate, Amy Heffernan/Enron Communications@Enron
Communications, Molly LaFuze/Enron Communications@Enron Communications, Danny
Clark/Enron Communications@Enron Communications, Stephanie
Panus/NA/Enron@Enron, Teresa Mandola/ENRON@enronXgate, Bill
Kyle/ENRON@enronXgate, Amber Ebow/ENRON@enronXgate, Thu Pham
Arnold/ENRON@enronXgate, Tandra Coleman/ENRON@enronXgate, Lesli
Campbell/ENRON@enronXgate, Wendi Lebrocq/ENRON@enronXgate
		 cc:
		 Subject: FW: EOL Approvals: 05-21-01

Please see attached

Regards,
Wendi LeBrocq
3-3835


We are doing business as Enron Compression Services Company.  Let me know if
you need anything else.

Cheryl Lantz Marshall on 12/22/99 10:28:55 AM
To: Carol Carter/HOU/ECT@ECT, Charlie Thompson/GCO/Enron@ENRON, Danny
Schedule/GCO/Enron@Enron, Gerald Nemec/HOU/ECT@ECT
cc: Mark Courtney/HOU/ECT@ECT
Subject: Planergy Contract

This memo is regarding an agreement with the following title:  ENERGY
SERVICES AGREEMENT BETWEEN PLANERGY SERVICES OF HOUSTON, INC. AND ENRON
COMPRESSION SERVICES COMPANY (the "Agreement").

Enron Compression Services Company (ECS) has an agreement with Planergy by
which ECS and Planergy share in the energy savings from the certain equipment
at the new Bammel compression station.  The Agreement states that we "...will
forward the recorded hours of operation for the previous month to Planergy
within (15) days of the 1st day of the month."  We are currently working with
Planergy and the Bammel team to design the report that will track the hours
of use for the subject equipment.

I would like to suggest that the Bammel team fax the recorded hours before
the 15th day of the following month to those listed below:

Cheryl Marshall (Asset Management)- fax 713-646-8416
Carol Carter (ECS accounting) - fax 713-646-3084
Roger Roedick (Planergy) - fax 713-468-1457

If anyone disagrees with this idea, please call Cheryl at 713-853-6250.

Gerald - as it relates to the Agreement - who are we doing business as?
Please let Carol Carter know also.


Calgary is done.  Ben is done.  Brett was in agreement verbally and with the first draft (he did not say done on the final draft because he left town till July 12, but Ben and I believe he is done).

Will do on the update every couple of weeks

Chris Calger
503-464-3735

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Friday, July 06, 2001 8:09 AM
To:	Calger, Christopher F.
Cc:	Wiggs, Brett; Jacoby, Ben; Gustafson, Mollie
Subject:	Re: EA Turbine Book

Shock, horror we ended up at $30mm!

Seems fine by me.  I presume the guys in Calgary are all happy with this way forward.

Thanks for getting this done.  I am assuming that we are now done on this.  Can we get a strategy update on all the turbines going forward once every couple of weeks?

Louise

From:	Christopher F Calger/ENRON@enronXgate on 07/05/2001 06:01 PM
To:	Louise Kitchen/HOU/ECT@ECT, Tammie Schoppe/HOU/ECT@ECT, Brett R Wiggs/SA/Enron@Enron, Ben Jacoby/ENRON@enronXgate, Mollie Gustafson/ENRON@enronXgate
cc:

Subject:	EA Turbine Book

Louise,

Attached please find (i) Turbine Book Document acceptable to Ben, Brett and me; (ii) Canada Agreement; (iii) 6/25 Canada Status.

Chris

 << File: Turbine Book.doc >>

 << File: ABB GT11N Turbine Sale - transfer to ENA rev 2.doc >>

 << File: Sale Status June  25 01.doc >>


Message-ID: <sa36b539.023@dnc.democrats.org>
From: Josh Lahey <LaheyJ@dnc.democrats.org>
To: undisclosed-recipients <undisclosed-recipients:;>
Subject: 12-12-00 Statement by Bill Daley Following Supreme Court ruling
Date: Tue, 12 Dec 2000 23:30:34 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2650.21)
Content-Type: text/plain

Gore/Lieberman Recount Committee

For Immediate Release
Tuesday, December 12, 2000

Contact:
Douglas Hattaway (FL)
850-205-8683
Chris Lehane (DC)
202-863-7171

STATEMENT BY WILLIAM DALEY

Al Gore and Joe Lieberman are now reviewing the 5-4 decision issued tonight
by the Supreme Court of the United States.  The decision is both complex and
lengthy.  It will take some time to completely analyze this opinion.  We
will address the Court's decision in full detail at a time to be determined
tomorrow.

##


Sara, I am forwarding this to you because as you will notice your last name
has been misspelled.  I have been speaking with Peoples recently about the
potential sale of some financial options via Enovate.  This has brought up to
issue of the ISDA agreement.  I don't know if you are the one working on this
specific ISDA, but I got your name off a document showing you as the person
working in general on ISDA agreements between Enovate and third parties.

I will call shortly to insure you receive this, and one more to follow, and
that you are the appropriate person.  If you need to reach me, my extension
is 36900.

Thanks,

Steve
---------------------- Forwarded by Steven Curlee/Corp/Enron on 09/28/2000
09:19 AM ---------------------------

b.marozas@pecorp.com on 09/27/2000 05:37:59 PM
To: Sara.shackelton@enron.com
cc: Steven.Curlee@enron.com

Subject: FW: Enovate/PEC ISDA Materials

Sara,

We were trying to finalize the ISDA between PEC and Enovate.
Fred is going to be out of the office until Thursday, but I wanted to
forward the ISDA information he has been working on.
Based on the ISDA materials attached, do you know how close (best quess:
number of days, weeks or months) we are to finalizing the contract?

Thanks,
Brian

 <<MEH Schedule to Master Agreement v.1.doc>>  <<MEH-PEC Paragraph 13 to
Credit Support.doc>>

 <<MEH-PEC ISDA.doc>>  <<MEH-PEC Credit Support Annexy-bi.doc>>

 <<MEH-PEC Paragraph 13 Exhibit A.doc>>

  ----------
  From:  Jacobsen, Fred
  Sent:  Tuesday, September 26, 2000 10:43 AM
  To:  Marozas, Brian; Huprikar, Aparna
  Cc:  Nassos, John G.; Pokorny, Judy
  Subject:  Enovate/PEC ISDA Materials

  Attached please find drafts of the following ISDA documents
to be entered into between Enovate, L.L.C. and Peoples Energy Corporation:

  1. Schedule to Master Agreement
  2. Paragraph 13 to Credit Support Annex
  3. Exhibit A to Paragraph 13 to Credit Support Annex
  4. ISDA Master Agreement
  5. ISDA Credit Support Annex.

  Brian, please forward to me the contact information for the
person handling the negotiation of these documents on behalf of Enron.
Thank you, Fred.

  <<File: MEH Schedule to Master Agreement v.1.doc>><<File:
MEH-PEC Paragraph 13 to Credit Support.doc>>

  <<File: MEH-PEC ISDA.doc>><<File: MEH-PEC Credit Support
Annexy-bi.doc>>

  <<File: MEH-PEC Paragraph 13 Exhibit A.doc>>

----------------------------------------------------------------
The information transmitted is intended only for the person
or entity to which it is addressed and may contain confidential
and/or privileged material.  Any review, retransmission,
dissemination or other use of, or taking of any action in
reliance upon, this information by persons or entities other than the
intended recipient is prohibited.   If you received this in error, please
contact the sender and delete the material from any computer.

 - MEH Schedule to Master Agreement v.1.doc
 - MEH-PEC Paragraph 13 to Credit Support.doc
 - MEH-PEC ISDA.doc
 - MEH-PEC Credit Support Annexy-bi.doc
 - MEH-PEC Paragraph 13 Exhibit A.doc


Today we announced the appointment of Jeff McMahon as Enron's chief financial officer.  In my continued discussions with the financial community yesterday and today, it became clear that this move was required to restore investor confidence.  Jeff has unparalleled qualifications and a deep and thorough understanding of Enron.  He is already on the job and hard at work on the issues before us.  Andy Fastow will be on a leave of absence from the company.

Jeff had been serving as chairman and CEO of Enron Industrial Markets. He joined Enron in 1994 and spent three years in the London office as chief financial officer for Enron's European operations.  Upon returning to the U.S., Jeff was executive vice president of finance and treasurer for Enron Corp.  In 2000, he was named president and chief operating officer of Enron Net Works.

I know all of you are concerned about the continuing decline in our share price.  I am too, and we are working very hard to turn it around.  Appointing Jeff as CFO is one important step in that process.  But most of the solution involves just continuing to do our jobs with excellence.  The fundamentals of our business are strong, and I think the market will begin to see that as we continue to perform.

Please join me in giving Jeff your full support, and thank you for all of your continued hard work.


Tim:

For Day 28, we show a total of 77.5 at the Tap broken down as follows:
  9a through 1p = 0
  2p through 4a = 120.0
  5a = 60.0
  6a through 8a = 0

Please advise.

Regards,
Ami

"Melissa Jones" <mjones7@txu.com> on 07/31/2000 10:24:09 AM
To: "Charlie Stone" <cstone1@txu.com>, "Gary Green" <ggreen2@txu.com>,
timpowell@txu.com, daren.j.farmer@enron.com, gary.a.hanks@enron.com,
carlos.j.rodriguez@enron.com, earl.tisdale@enron.com, ami.chokshi@enron.com
cc:

Subject: Enron / HPL Actuals for July 28 - 30, 2000

July 28, 2000

     Teco Tap       10.000 / Enron ; 61.250 / HPL IFERC ; 8.750 / HPL Gas
Daily

     LS HPL LSK IC       30.000 / Enron

July 29, 2000

     Teco Tap       10.000 / Enron ; 100.000 / HPL Gas Daily

     LS HPL LSK IC       30.000 / Enron

July 30, 2000

     Teco Tap       10.000 / Enron ; 110.000 / HPL Gas Daily

     LS HPL LSK IC       30.000 / Enron


Please set the meeting up with Alan, Dan and me.  Mark

	Andrew Edison@ENRON
	01/29/2001 01:38 PM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: Re: Enron Liquid Fuels, Inc. v. Gulf Oil Limited Partnership

I have looked over it thoroughly and am ready to talk when you are.  I had
thought Dan was going to set up a meeting, but maybe I was mistaken.  I am
around and available this week so let me know what is convenient on your
schedule.

	Mark E Haedicke@ECT
	01/29/2001 11:00 AM

		 To: Andrew Edison/NA/Enron@ENRON
		 cc:
		 Subject: Re: Enron Liquid Fuels, Inc. v. Gulf Oil Limited Partnership

What is the status of your looking at the LNG contract issues?   Mark

	Andrew Edison@ENRON
	01/26/2001 05:14 PM

		 To: James Derrick/Corp/Enron@ENRON, Mark E Haedicke/HOU/ECT@ECT, Richard B
Sanders/HOU/ECT@ECT, Vicki Sharp/HOU/EES@EES, Jordan Mintz/HOU/ECT@ECT,
Robert Williams/ENRON@enronxgate, Jim Armogida/Corp/Enron@ENRON, Rex
Rogers/Corp/Enron@Enron, Rob Walls/NA/Enron@Enron, Bonnie
White/Corp/Enron@ENRON, Stephen Wallace/Corp/Enron@ENRON, Eric
Newell/EWC/Enron@ENRON, Michael Moran/ET&S/Enron@ENRON, Rebecca
Carter/Corp/Enron@ENRON, Mark Evans/Legal/LON/ECT@ECT, Elizabeth
Labanowski/EPSC/HOU/ECT@ECT, Scott Sefton/HOU/ECT@ECT, Randy
Young/NA/Enron@Enron, Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Daniel R Rogers/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Frank
Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, John
Schwartzenburg/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marc Manly/HOU/EES@EES,
Kristina Mordaunt/Enron Communications@Enron Communications, Molly
Sample/Houston/Eott@Eott, Janet Place/NPNG/Enron@ENRON, AL
ALEXANDERSON/ENRON@enronxgate, Charles Cheek/Corp/Enron@ENRON
		 cc:
		 Subject: Enron Liquid Fuels, Inc. v. Gulf Oil Limited Partnership

We are considering instituting an arbitration on behalf of Enron Liquid
Fuels, Inc. against Gulf Oil Limited Partnership to recover approximately
$55,000 for due and unpaid fuel oil sales.

If you are aware of any reason legal action should not be brought against
Gulf Oil Limited Partnership, please let me know.  My direct line is
x5-7105.  If I do not hear from you by Tuesday, January 30, I will assume
that you have no objection to Enron Liquid Fuels, Inc. instituting this
arbitration.

Thanks for your assistance.


----- Forwarded by Richard B Sanders/HOU/ECT on 03/30/2001 10:01 AM -----

	Mary Nell Browning
	03/30/2001 09:12 AM

		 To: James Derrick/Corp/Enron, Michael R Brown/LON/ECT@ECT, John
Sherriff/LON/ECT@ECT, Mark Evans/Legal/LON/ECT@ECT, Richard B
Sanders/HOU/ECT@ECT, Fernley Dyson/LON/ECT@ECT, Paul Chivers/LON/ECT@ECT,
Richard Lewis/LON/ECT@ECT, Peter Crilly/LON/ECT@ECT, Richard
Harper/LON/ECT@ECT, Paul Turner/LON/ECT@ECT, Jackie Gentle/LON/ECT@ECT,
Claire Wright/LON/ECT@ECT, Raj N Patel - Tax/LON/ECT@ECT
		 cc:
		 Subject: CATS litigation

The House of Lords have notified us that they will give their decision in the
CATS litigation on Wednesday 4 April.  The decision is being handed down
approximately 6 weeks earlier than anticipated.  Our counsel Jonathan
Sumption believes this may be a favourable sign for Enron for two reasons:
(1) he believes the Lords would not have had a suffficient amount of time to
do the sort of analysis that it would take to compose a decision overturning
the Court of Appeal ruling, and (2) he believes that Lord Hoffman, the
individual who seemed most against us during the hearing, is busy writing a
decision in an important human rights case and very likely then is not
writing the decision in our case.  For these reasons, the likelihood of the
ruling being in favour of Enron has improved; I would estimate our currently
likelihood of success at 60%.  Our team believes that the CATS parties are
unlikely to accept a settlement offer of less than o50 million.  Because we
believe we are more likely than not to win, we believe we would be giving up
value by making an offer of o50 million and therefore recommend that we not
make an offer of settlement.

We expect to have a decision by 11:00 am London time on Wednesday;  judgement
will be handed down formally at 2:00 pm that day.  I will make sure that each
of you is contacted as soon as possible with the result.


Anurag Saksena
Managing Director, Enterprise Risk
GMAC - RFC
8400 Normandale Lake Blvd.
Suite #600
Minneapolis, Minnesota 55437
Tel: (612) 857 - 6133 (o)
Tel: (612) 943 - 8501 (h)
10273 Antlers Ridge
Eden Prairie, MN 55347
ASaksen@rfc.com


_________________________________________________________________

            B R E A K F A S T   W I T H   T H E   F O O L
                      Friday, December 1, 2000

benjamin.rogers@enron.com
_________________________________________________________________

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PEPSI COURTING QUAKER, AGAIN
Quaker Oats and Pepsi are talking once more, but will the
outcome be the same?

By Mike Trigg

The Quaker Oats (NYSE: OAT) story took another spin yesterday,
when the world's second-largest soft drink company, PepsiCo
(NYSE: PEP), resumed talks to purchase the maker of Gatorade for
$14.3 billion. Not long ago, similar discussions were brought to
a halt after Quaker rejected Pepsi's offer, citing a dispute in
price.

The story with Quaker is an interesting one. After similar talks
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Danone (NSYE: DA) failed to materialize, investors are left to
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http://www.fool.com/m.asp?i=223139

According to The Wall Street Journal, the two sides appear close
to agreement, with the deal potentially wrapping up in the next
couple of days. If the two sides in fact do reach agreement, an
announcement would be made Monday morning. Both companies have
planned board meetings for this Saturday.
http://www.lnksrv.com/m.asp?i=223140

Apparently, the proposed deal is no different than the last.
Quaker Oats shareholders would receive 2.3 shares of Pepsi
stock, valued at $104.36, based on Pepsi's closing price of
$43.38 yesterday. That's a 27% premium to Quaker Oats, stock
price as of November 2, the day original talks were made public.
Pepsi hasn't offered a "collar" -- the original deal breaker --
to Quaker, which is a form of price protection that fixes a
price within a set limit of how far the buyer's shares can rise
or fall. The same Wall Street Journal article reports that an
arrangement is being negotiated that would allow Quaker to
abandon the deal if the value provided to Quaker shareholders
became less than $90 per share upon closing.

If the deal does go through this time around Pepsi would surpass
Coca-Cola as the leader in the non-carbonated U.S drinks market,
holding nearly one-third of the market, compared to Coca-Cola's
21%. According to the Street, Pepsi would also be able to jump
start sales of Quaker Chewy Granola bars, selling them through
its Frito-Lay food division.
_________________________________________________________________

NEWS TO GO

Information transfer device maker Crossroads Systems (Nasdaq:
CRDS) announced better-than-expected third-quarter results after
the market's close yesterday, reporting a net loss (excluding
goodwill and stock compensation) of $4.8 million, or $0.18 per
share, compared to a loss of $870,000, or $0.04 per share, in
the year-ago period. The Street consensus called for the company
to lose $0.21 per share. Crossroads, top line came in at $8.4
million, an 18% increase year-over-year.

Discount airline company Cheap Tickets (Nasdaq: CTIX) announced
that CFO Dale Jorgensen plans on retiring in February. Jorgenson
will remain with the company after his retirement to aid in the
transition and provide assistance on certain projects. ``While
my time with Cheap Tickets has been very rewarding, I have
decided to devote more time to my family and other personal
interests. I am very pleased to have been part of the progress
the company has made moving into the public market and see a
great future for Cheap Tickets' unique multi-channel revenue and
distribution model,'' said Jorgensen.

Carbon dioxide seller Kinder Morgan Energy Partners (NYSE: KMP)
announced a deal with GATX Corp. (NYSE: GMT) to purchase two oil
product pipelines and 12 storage terminals for $1.15 billion in
cash and debt. Kinder Morgan Partners Chairman and CEO Richard
Kinder estimated the deal would increase earnings per share
between $1.62 and $1.75 in 2001, with the Street consensus
calling for the company to earn between $1.50 and $1.62 a share
in the coming year. The deal is expected to close in the first
quarter of next year.

Heating and cooling products provider Modine Manufacturing
(Nasdaq: MODI) announced that it was revising earnings and sales
forecasts for its third quarter and the full fiscal year (ends
March 31, 2001). The Racine, Wisconsin-based company expects
third-quarter revenue to be down 10% to 13% and earnings 55% to
65%. For the full year, sales should be down 7% to 10% with
earnings dropping between 25% and 30%. The company cited a weak
euro and lower sales in the heavy-truck and light-vehicle
markets. Modine earned $2.20 per share in the previous year.

Steel processing company Worthington Industries (NYSE: WOR)
announced that its second-quarter (ended yesterday) earnings
would fall short of expectations and that it had halted its
proposed $300 million acquisition of three Pennsylvania limited
partnerships: MetalTech, NexTech, and GalvTech. The company said
earnings would be substantially lower than the $0.15 per share
it posted in the previous quarter and that the full-year Street
earnings expectation of $1.07 was unrealistic. The Street
consensus called for the company to earn $0.22 per share in the
second quarter. The company cited the weakness in several of its
business, including its steel-processed products operations.
_________________________________________________________________

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.

MsgId:
msg-27276-2000-12-01_9-40-43-348432_2_Plain_MessageAddress.msg-09:45:25(12-01-
2000)
X-Version: mailer-sender-master,v 1.84
X-Version: mailer-sender-daemon,v 1.84
Message-Recipient: benjamin.rogers@enron.com


This is a reminder of your ongoing obligation to report to the Securities
and Exchange Commission ("SEC") transactions in Lilly stock.  In light of
the complexity of the reporting rules and the potential for severe
penalties for noncompliance, please contact me in advance of any
transaction.  As a reminder, the SEC rules cover all transactions,
including:

-   purchases
-   sales
-   gifts
-   trust or partnership transactions
-   transactions in the Dividend Reinvestment Plan
-   exchange fund transactions

We request advance notification of Lilly stock transactions for two
reasons:

   There are certain times when you should not engage in market
   transactions in Lilly stock.  Routinely, these "black-outs" occur around
   the end of each quarter through the time quarterly/annual earnings are
   announced.  In addition, occasionally, we are aware of "inside
   information" that may be considered material and we therefore advise our
   reporting persons to avoid open market transactions in Lilly stock.
   While you may not know of the event, the knowledge may be imputed to
   you.  Advance communication allows you to avoid situations that may have
   legal consequences, or if not, at least may cause embarassment.

2.   We prepare for you the required reports of the transaction to the SEC.

If you had any Lilly stock transactions in October, please advise me as
soon as possible.  We will prepare the required reports for your signature
and file them with the SEC and the New York Stock Exchange ("NYSE").  The
reports must be received by the SEC and the NYSE no later than the 10th day
of the month following the month in which the transaction occurs.  If I am
not available, please contact Jim Lootens (317-276-5835) regarding any
proposed transaction.

If you have any questions regarding these matters, please do not hesitate
to call me.  Thank you for your cooperation.

Alecia A. DeCoudreaux


John,
Thanks for meeting with Keith and I last week. Please let me know your
opinion on the following options material.

Michael <<ppNYopt.ppt>>

 - ppNYopt.ppt


marogers@fuse.net has sent you an Egreetings.com(r) flash animation!

To view your card, simply click the following Web address
any time over the next three weeks:

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I saw this list in the computer and you're on it.  When you get back give a
call and I'll come around and take a look.

	Cheryl Nelson@ENRON
	Sent by: Cheryl Nelson@ENRON
	03/01/2001 12:25 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Lotus Notes Access

Apparently, I still have limited access.  I cannot type in any substantive
notes in the section at the end.

Cheryl Nelson
Senior Counsel
EB3880D
(713) 345-4693

	Tana Jones@ECT
	02/27/2001 03:15 PM

		 To: Cheryl Nelson/NA/Enron@Enron
		 cc:
		 Subject: Lotus Notes Access

You should have edit access now.  Why don't you go try and see if it works...


---------------------- Forwarded by Jason R Wiesepape/HOU/ECT on 02/09/2000
07:50 PM ---------------------------

Scot Chambers@ENRON_DEVELOPMENT
02/09/2000 06:53 PM
To: Jason Wiesepape@ENRON_DEVELOPMENT
cc:
Subject: Hartwell preliminary O&M estimate

Jason, please review the subject estimate and call should you have any
questions. Please consider it to have +/-25% accuracy. My cell is
281-782-3856. Talk to you later.


Sent a retro request to TCO last week with two options:

1) Inject into storage from CES IPP pool, which was long that day.
2) In ground storage transfer from Dayton's FSS storage to CES's FSS storage.
Dayton has given Enron the approval to move this storage.

I told TCO the second option would be the most viable option, and it should
not comprise TCO's position with its other shippers.

As of right now, TCO has put all retro requests on hold. The bills will
probably go out with these penalties on it. However, TCO will revisit the
penalty issue, once the dust has settled. We are not the only shipper that
incurred penalties, and TCO wants to treat everyone fairly. I did tell TCO to
remember that Enron is not an affiliate, and TCO needs to treat Enron as TCO
would its other shippers.

mflewellyn@columbiaenergygroup.com on 01/31/2000 09:25:47 AM
To: Joan Veselack/Corp/Enron@ENRON
cc: "        -         *Destephanis, Kara" <kdestep@columbiaenergygroup.com>,
"        -         *Stiles, Marianne" <mstiles@columbiaenergygroup.com>,
"        -         *Swogger, Joanne" <jswogge@columbiaenergygroup.com>,

Subject: Re: TCO STOW Overage - 1/24 - NEED ANSWER

Responding to your question below, yes we do need the enduser gas.  Please let
me know the final outcome on this.

Joan_Veselack@enron.com on 01/29/2000 12:52:23 AM
Please respond to Joan_Veselack@enron.com

To: Melissa Flewellyn/CES/ColumbiaGas@COLUMBIAGAS
cc:

Subject: Re: TCO STOW Overage - 1/24 - NEED ANSWER

Found your e-mail address. FYI.

---------------------- Forwarded by Joan Veselack/Corp/Enron on 01/29/2000
11:49 AM ---------------------------

Joan Veselack
01/29/2000 10:35 AM

To:   bperrone@columbiaenergy.com, mstiles@columbiaenergygroup.com,
      hboyd@columbiaenergygroup.com, kdestep@columbiaenergygroup.com
cc:   knovsek@columbiaenergygroup.com, Chris Germany/HOU/ECT@ECT, Dick
      Jenkins/HOU/ECT@ECT, Scott Hendrickson/HOU/ECT@ECT, Katherine L
      Kelly/HOU/ECT@ECT, Victor Lamadrid/HOU/ECT@ECT, Joann
      Collins/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT, Scott
      Neal/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT

Subject:  Re: TCO STOW Overage - 1/24 - NEED ANSWER  (Document link: Joan
      Veselack)

What's the final answer.... do you need the enduser gas or do you want me
to cut the enduser gas?

 If you really need the enduser gas... the only other option is for me...
is to beg TCO to let me inject some pool gas into storage for that gas day
to avoid the $10 withdrawal penalty... but we would still incur the overrun
charge plus the additional overrun charge to get the gas into storage. Need
a decision by 1 pm CST time on Monday, January 31st. Thank you!!!!

Please pass this note to Melissa... still don't have her e-mail address.

Can't wait for it to warm up!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 (Embedded
 image moved
 to file:      From:  Joan Veselack
 pic00041.pcx) 01/27/2000 07:38 PM

To:   hboyd@columbiaenergygroup.com, kdestep@columbiaenergygroup.com
cc:   mstiles@columbiaenergygroup.com, knovsek@columbiaenergygroup.com,
      Chris Germany/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, Scott
      Hendrickson/HOU/ECT@ECT, Katherine L Kelly/HOU/ECT@ECT, Victor
      Lamadrid/HOU/ECT@ECT, Joann Collins/Corp/Enron@ENRON, Robert
      Allwein/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT

Subject:  TCO STOW Overage - 1/24

Kara/Heidi, please give this to Brian and Melissa.

Because the burns significantly increased on 1/24 from the forecasted
amount (+16749). Contract #63281 was over-run and Storage #51407 was
over-withdrawn. Contract over-run is $.21 per dkt and storage
over-withdrawls are $10 per dkt.

Because the forecast was lower, I let Joann use the extra space for CES
Enduser Market. TCO will let me cut gas to CES Enduser Markets as a retro.
Not sure if you want this gas to flow or try to make it up over the
weekend. If you need the gas to flow because of OFO penalties, maybe the
storage over-withdrawal is cheaper than incurring OFO penalties. Please
tell me what you want me to do. Need to do the retro's ASAP while TCO is
still feeling generous.

FYI, the traders at Enron talked to Noel Bartlo on Tuesday. Noel said any
costs over the space that retail had (134,710 for choice), Enron had the
right to pass on the costs. I really hope the Noel communicated that to CES
Retail. I would hate to have a huge misunderstanding between Enron and CES
Retail. Remember, we schedulers are caught in the middle... and don't try
to cause unnecessary pain.

63281/236 coh 7-1        2934/2872
63281/170 coh 7-5        1922/1881
63281/99  coh 5-2        427/418
63281/221 cpa8-35   1639/1604
63281/220 cpa8-35   511/500

Total                    7433/7275

 - pic00041.pcx


A) From south or west of Walnut Creek
		1) Take CA 24 to I-680, then go north; or just take I-680
north, depending on point of origin
		2) After passing I-680/CA 24 intersection, begin looking for
Treat Boulevard exit (about third exit, +/- 1)
		3) Exit Treat Boulevard, go right (east)
		4) go under BART track
		5) After BART track, turn right at 2nd light (Jones Road)
		6) Very quickly, take first possible right into parking lot
entrance
		7) Park underground, bring ticket to office - - we validate.
		8) Actual address: 1350 Treat Boulevard, Suite 500.

B) From north or east of Walnut Creek
		1) Take I-80 or CA 4 to I-680, then go south
		2) Look for Treat Boulevard exit as in 3 above, and follow
same directions
	C) BART option
		1) Take BART to Pleasant Hill station
		2) Walk to office, about 2 blocks:
			exit BART station, either side, and walk back toward
SF under the elevated track
			go to major intersection, across from Embassy Suites
(Oak and Treat Boulevard)
			Look for large, five-story, Coral/Salmon colored
building on large tract of land, southeast corner. Much
construction activity going on around site.
			Go to front of building, climb stairs to main
entrance/lobby, enter, take elevator to fifth floor, suite
					500.


Here are the sellers and amounts

American Electric Power Service Corp. (AEP </investments/quotes/?symbol=AEP>,
news </investments/news/?symbol=AEP>, msgs
</investments/discuss/?symbol=AEP>): $22.9 million
Arizona Public Service Co. (PNW </investments/quotes/?symbol=PNW>, news
</investments/news/?symbol=PNW>, msgs </investments/discuss/?symbol=PNW>):
$24.6 million
Aquila Power Corp. (ILA </investments/quotes/?symbol=ILA>, news
</investments/news/?symbol=ILA>, msgs </investments/discuss/?symbol=ILA>):
$28 million
Avista Energy Inc. (AVA </investments/quotes/?symbol=AVA>, news
</investments/news/?symbol=AVA>, msgs </investments/discuss/?symbol=AVA>):
$48 million
Automated Power Exchange: $16 million
British Columbia Power Exchange Corp: $439 million
Calpine Corp. (CPN </investments/quotes/?symbol=CPN>, news
</investments/news/?symbol=CPN>, msgs </investments/discuss/?symbol=CPN>):
$236 million
Constellation Power Source Inc. (CEG </investments/quotes/?symbol=CEG>, news
</investments/news/?symbol=CEG>, msgs </investments/discuss/?symbol=CEG>):
$7.8 million
Cargill-Alliant LLC: $1.4 million
Citizens Power Sales: $557,000
Coral Power, LLC,. a unit of Shell Oil (RD </investments/quotes/?symbol=RD>,
news </investments/news/?symbol=RD>, msgs </investments/discuss/?symbol=RD>):
$27 million
Duke Energy Corp. (DUK </investments/quotes/?symbol=DUK>, news
</investments/news/?symbol=DUK>, msgs </investments/discuss/?symbol=DUK>):
$804 million
Dynegy Inc. (DYN </investments/quotes/?symbol=DYN>, news
</investments/news/?symbol=DYN>, msgs </investments/discuss/?symbol=DYN>):
$530 million
Enron Corp. (ENE </investments/quotes/?symbol=ENE>, news
</investments/news/?symbol=ENE>, msgs </investments/discuss/?symbol=ENE>):
$39 million
El Paso Corp. (EPG </investments/quotes/?symbol=EPG>, news
</investments/news/?symbol=EPG>, msgs </investments/discuss/?symbol=EPG>):
$29 million
El Paso Power Electric Co. (EE </investments/quotes/?symbol=EE>, news
</investments/news/?symbol=EE>, msgs </investments/discuss/?symbol=EE>):
$24,475
Hafslund Energy Trading LLC: $712,528
Idaho Power (IDA </investments/quotes/?symbol=IDA>, news
</investments/news/?symbol=IDA>, msgs </investments/discuss/?symbol=IDA>):
$28 million
Koch Energy Trading: $2.5 million
Los Angeles Department of Water and Power: $75 million
MDSC: $24 million
Mieco Inc.:$1.6 million
Morgan Stanley Capital Group (MWD </investments/quotes/?symbol=MWD>, news
</investments/news/?symbol=MWD>, msgs </investments/discuss/?symbol=MWD>):
$124,644
NewEnergy Inc.: $1.5 million
Nevada Power Co. (SRP </investments/quotes/?symbol=SRP>, news
</investments/news/?symbol=SRP>, msgs </investments/discuss/?symbol=SRP>):
$9.1 million
PacifiCorp: $65 million
PECO Energy Co. (EXC </investments/quotes/?symbol=EXC>, news
</investments/news/?symbol=EXC>, msgs </investments/discuss/?symbol=EXC>):
$4.2 million
Portland General Electric (ENE </investments/quotes/?symbol=ENE>, news
</investments/news/?symbol=ENE>, msgs </investments/discuss/?symbol=ENE>):
$44 million
Public Service Co. of Colorado: $14.1 million
Public Service Co. of New Mexico (PNM </investments/quotes/?symbol=PNM>, news
</investments/news/?symbol=PNM>, msgs </investments/discuss/?symbol=PNM>):
$15.5 million
Puget Sound Energy: $24 million
Reliant Energy Inc. (REI </investments/quotes/?symbol=REI>, news
</investments/news/?symbol=REI>, msgs </investments/discuss/?symbol=REI>)
$750 million
Mirant Corp. (MIR </investments/quotes/?symbol=MIR>, news
</investments/news/?symbol=MIR>, msgs </investments/discuss/?symbol=MIR>),
formerly Southern Co., $753 million
*Sempra Energy Trading Corp. (SRE </investments/quotes/?symbol=SRE>, news
</investments/news/?symbol=SRE>, msgs </investments/discuss/?symbol=SRE>):
$82 million (this number has been wiped out by the ISO)
Sierra Pacific Power Co. (SRP </investments/quotes/?symbol=SRP>, news
</investments/news/?symbol=SRP>, msgs </investments/discuss/?symbol=SRP>):
$23 million
TEK: $11 million
Tuscon Electric Power: $1.1 million
UPA: $131,715
Winston and Strawn: $11,917
Williams Cos. (WMB </investments/quotes/?symbol=WMB>, news
</investments/news/?symbol=WMB>, msgs </investments/discuss/?symbol=WMB>)
$860 million
Total FERC jurisdictional sellers: $4.7 billion
*Total without SETC/SDG&E: $4.6 billion
Total FERC and Non-FERC sellers: $6.7 billion
*Total without SETC/SDG&E: $6.6 billiion
Total March-May overcharges: $2.3 billion

 -----Original Message-----
From:  Tribolet, Michael
Sent: Tuesday, June 26, 2001 7:35 AM
To: Williams, Robert C.; Mellencamp, Lisa; Shapiro, Richard; Steffes, James;
Kingerski, Harry; Mara, Susan; Dasovich, Jeff
Subject: Article

Much Calif Power Price Gouging Beyond FERC's Reach -ISO
Updated: Monday, June 25, 2001 06:59 PM ET   Email this article to a friend!
 Printer-friendly version

By Jason Leopold

Of DOW JONES NEWSWIRES

LOS ANGELES (Dow Jones)--Federal energy regulators only have the authority to
order refunds for about a third of the $9 billion California Gov. Gray Davis
claims energy companies have overcharged the state in the 12 months to May
2001, documents from the state's wholesale market operator show.

Of the total, $2.9 billion came from the May-September period the Federal
Energy Regulatory Commission has said it can't act on, and $2.8 billion from
the October-May period is attributable to municipal utilities over which FERC
lacks jurisdiction, according to documents from the California Independent
System Operator.

That leaves just $3.3 billion in alleged overcharges that FERC could
potentially order refunded - far less than the $9 billion Davis seeks.

Talks between generators and state officials to settle billions of dollars in
unpaid bills and issues of overcharging began Monday. Curtis Wagner, the FERC
administrative law judge presiding over the talks, has said California will
likely see refunds from generators, but far less than the $9 billion Davis
expects.

Davis said Sunday California is going to Washington, D.C., "with one goal,
and that is to bring back $9 billion."

Nearly half that amount is attributable to municipal utilities, the ISO
documents show. The ISO said the Los Angeles Department of Water and Power,
for example, overcharged California $75 million between May and October.

David Freeman, the governor's chief energy adviser and the former general
manager of the LADWP, said the agency didn't overcharge the state, but
conceded it profited by selling spare power to the ISO.

Davis adviser Nancy McFadden said the state needs FERC to lay the groundwork
for the state to seek refunds from public utilities by ordering refunds from
corporate energy suppliers.

But during a conference call Sunday with reporters, McFadden and Davis press
secretary Steve Maviglio couldn't explain how the governor would go about
getting refunds from companies whose wholesale power prices aren't regulated
by FERC.

Davis testified before the U.S. Congress last week that generators
overcharged the state $9 billion and that FERC should order the refunds.

State Sen. Jim Brulte, R-Rancho Cucamonga, has asked for an investigation
into Davis's testimony, saying the figures were based on "shaky
calculations."

To come up with its conclusions, the ISO compared hourly market prices
received by sellers to an estimate of market prices that could have been
expected under competitive market conditions.

The ISO established a benchmark for what it determined was competitive - at
times about $125 per megawatt-hour to $200/MWh, a fraction of actual prices
in the market - based on the cost of natural gas and compliance with
air-quality rules.

The ISO, however, typically used the price of gas at California's northern
border, according to the documents. Generators paid a higher price for the
fuel in Southern California, raising the cost of making electricity.

The ISO also used reports of earnings by the state's "Big Five" power
suppliers during 2000 - earnings that for some quadrupled - to draw the
conclusion that generators overcharged the state, according to the documents.

The ISO attributed high power prices in part to the state's three largest
utilities' failure to buy the power they needed in advance, leaving the grid
operator to pick up the shortfall at the last minute, according to the
documents.

The ISO alleges the following companies overcharged the state by the listed
amounts between May 2000 and February:


Melba:

It looks fine.  Do you remove the footer from the document when it goes
online?

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

	Melba Lozano
	04/02/2001 05:50 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Mark Taylor/HOU/ECT@ECT, William Stuart/HOU/ECT@ECT, Justin
Rostant/HOU/ECT@ECT, Robert B Cass/HOU/ECT@ECT, Kevin
Meredith/Corp/Enron@ENRON, Chris Walker/HOU/ECT@ECT
		 Subject: Foreign currency

Please find the final draft of the GTC:


Oops.  I just found the drawing you had already sent me.  Sorry.
---------------------- Forwarded by Gerald Nemec/HOU/ECT on 04/19/2000 11:38
AM ---------------------------

Gerald Nemec
04/19/2000 11:03 AM
To: James R Haden/HOU/ECT@ECT
cc: Eric Gillaspie/HOU/ECT@ECT, Steve HPL Schneider/HOU/ECT@ECT
Subject: Southern Union Interconnect

Jim,  Forgot to mention in the note, that we will need the drawing for
Exhibit A to be attached to the agreement.  Thanks.

---------------------- Forwarded by Gerald Nemec/HOU/ECT on 04/19/2000 11:01
AM ---------------------------

Gerald Nemec
04/19/2000 11:01 AM
To: Steve HPL Schneider/HOU/ECT@ECT, James R Haden/HOU/ECT@ECT, Janet H
Wallis/HOU/ECT@ECT, Kenneth W Kaase/HOU/ECT@ECT
cc: Eric Gillaspie/HOU/ECT@ECT
Subject: Southern Union Interconnect

I recieved the interconnect agreements (executed by Southern Union) this
morning.  Attached is the form of interconnect agreement that was executed by
Southern Union.  I will forward to Steve Schneider for execution on behalf of
HPL.  Please let me know if you have any questions.


-----Original Message-----
From: 	Younger Paula <Paula.Younger@swpc.siemens.com>@ENRON
Sent:	Sunday, October 28, 2001 11:49 AM
To:	Miller Frank
Cc:	Collins, Joann; Barbe, Robin; Dunn Thomas J
Subject:	Gas Order Cancellation

Frank,
Spoke to Joann Collins just now and cancelled the 5,000 DTH's of gas that we
had ordered.
Paula


Re:  Commoditity Futures Trading Commission: Proposed Rulemaking for a
New Regulatory Framework for Multilateral Transaction Execution Facilities,
Intermediaries and Clearing Organizations

                     Attached is a memorandum from Sullivan & Cromwell
concerning the above subject. A summary is also included at the end
of the text of this e-mail message.

                    The attached file is in Adobe Acrobat
format.  We believe most PCs will already have an Acrobat viewer
loaded; we can provide free copies if Acrobat is not already loaded,
and free copies can also be downloaded from the Adobe Acrobat web
site at www.adobe.com.  To view or print the memo use your e-mail
system's function for opening attachments in their native format.
Hard copies can be obtained from Ivy Moreno at S&C in New York,
telephone 212-558-3448, e-mail: Morenoi@sullcrom.com.

SUMMARY

                    On June 8, 2000, the Commodity Futures Trading Commission
("CFTC")
approved four releases setting out proposed rules for regulatory reform (the
"Proposed Rules").
The Proposed Rules represent a major change in the CFTC's approach to the
markets and
market participants.  They are designed to promote legal certainty and to
move the CFTC away
from direct regulation and toward a more general oversight role.  The
Proposed Rules, which
seek to codify the CFTC Staff Report entitled A New Regulatory Framework
dated February
2000 and also reflect the CFTC's recognition of the increasing convergence of
the exchange
and over-the-counter markets, as well as the growth of electronic trading,
and of the need for
a new regulatory scheme to address these developments.  The release includes
proposals for:

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

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

 - CMS10596.pdf


Dear Derivatives Week subscriber:

Catch the latest breaking news in this week's issue by clicking here:
http://www.derivativesweek.com

Top stories this week:
______________________________________________
ITALIAN BANK TO BECOME MARKET MAKER FOR CREDIT.
Unicredito Banca Mobiliare is planning to become a market maker
for credit derivatives in Italy. It is looking at credit default swaps, total
return swaps, and credit default options, and will likely be a market
maker in these products by the second half of next year.

JUMBO CANADIAN PENSION FUND TO PUMP UP EQUITY DERIVATIVES USE.
The Ontario Teachers' Pension Plan Board, with CAD72 billion (USD48.42
billion)
under management, is looking to explore equity derivatives strategies. One of
the
most sophisticated end users in Canada, the fund is looking at starting a
range
accrual options and options overwriting program.

INDIAN ASSET MANAGERS DIVE INTO SWAPS.
A bevy of Indian asset managers are jumping into the rupee-denominated
interest-rate
swap market for the first time, which market players believe could boost
liquidity. High
interest-rate volatility, a better brokered market, and more future interest
rate uncertainty
are drawing the asset managers in droves.
______________________________________________
Use your User ID and Password to access the entire site.

YOUR USER NAME AND PASSWORD ARE FOR YOUR PERSONAL
USE ONLY. THEY MAY NOT BE SHARED WITH ANYONE AND NO
ONE ELSE SHOULD ACCESS THE SITE WITH YOUR USER NAME
AND PASSWORD.

We welcome you to forward this email to any co-workers or colleagues
who would be interested in receiving a free trial subscription to
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If you have questions, comments or suggestions, please do not hesitate
to call me at 1-212-224-3034.
Thanks and enjoy this week's issue.

Jim Beecher
Publisher

NOTE: You will receive weekly updates of the hottest stories in Derivatives
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These are not random mass mailings but rather one-time messages
for your personal attention. If you do not wish to continue to receive these
notices, please click 'reply', type 'remove' and enter your name and company.
You will then be removed from our email database.


Jose:
FYI.  Can we schedule a call with you before this week ends?  Our people are
anxious to get some indication as to where we stand?
Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 06/21/2000 08:50 AM -----

	Mark Taylor
	06/20/2000 07:45 PM

		 To: Jeff Blumenthal/HOU/ECT@ECT
		 cc: Carol St Clair/HOU/ECT@ECT, Jaime Williams/NA/Enron@ENRON, Mario Parra
Cardoso/Corp/Enron@Enron, Sara Shackleton/HOU/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT
		 Subject: Re: Online Issues - Mexico

Jeff & Carol:

As you work through these issues, please remember that even though the Mexico
commercial group may not plan to offer many of their own products and may not
expect many other products to appeal to their customers, the EnronOnline
people will expect all products listed online to be available unless we can
articulate a compelling reason to restrict them.

Mark

	Jeff Blumenthal
	06/20/2000 11:53 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc: Mark Taylor/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Stephen H
Douglas/HOU/ECT@ECT, Jaime Williams/NA/Enron@ENRON, Mario Parra
Cardoso/Corp/Enron@Enron
		 Subject: Re: Online Issues - Mexico

Carol,

I've been working with Jaime Williams and our outside tax advisors to
determine the Mexican tax consequences applicable to those products that
Jaime has informed me will be offered to Mexican counterparties through
EnronOnLine and, potentially, a separate ENA Mexican entity.  I should be
able to provide the results by Friday or Monday.  Please contact me at ext.
35777 if you'd like to discuss in the meantime.

Best regards,

Jeff

   Carol St Clair                06/20/2000 11:15 AM

To: Jeff Blumenthal/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT
Subject: Online Issues - Mexico

Jeff:
As I think you are aware, the Meixco and online group want to implement
online trading for Mexican counterparties.  Are there any tax issues taht we
should be aware of?  If we conduct online trades using ENA and telephone
trades with an Enron Mexican entity, will the exercise of setoff rights
create any tax issues?   My understanding is that the Enron counterparty will
be ENA.
Carol


Jeff,

Here is the application from SPB.  I guess they want to use the same form as
a new loan application.  I have a call in to Lee O'Donnell to try to find out
if there is a shorter form.  What do I need to be providing to the buyer
according to the contract.  I was planning on bringing a copy of the survey
and a rentroll including deposits on Monday.  Please let me know this morning
what else I should be putting together.

Phillip

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 02/16/2001
08:47 AM ---------------------------

"O'Donnell, Lee (SPB)" <LODonnell@spbank.com> on 02/15/2001 05:36:08 PM
To: "'Phillip.K.Allen@enron.com'" <Phillip.K.Allen@enron.com>
cc:
Subject: RE:

I was told that you were faxed the loan application.  I will send attachment
for a backup.  Also, you will need to provide a current rent roll and 1999 &
2000 operating history (income & expense).

Call me if you need some help.

Thanks

Lee O'Donnell

-----Original Message-----
From: Phillip.K.Allen@enron.com [mailto:Phillip.K.Allen@enron.com]
Sent: Thursday, February 15, 2001 11:34 AM
To: lodonnell@spbank.com
Subject:

Lee,

My fax number is 713-646-2391.  Please fax me a loan application that I can
pass on to the buyer.

Phillip Allen
pallen@enron.com
713-853-7041

 - Copy of Loan App.tif
 - Copy of Multifamily forms


see attached


Pablo,

Have we made any progress on finding out why the Northwest website is not
accessible before 7 am?  For your reference the error message is below.

The address is http://www.1line.williams.com/webbi/ebb/main.

Error 500--Internal Server Error
From RFC 2068 Hypertext Transfer Protocol -- HTTP/1.1:
10.5.1 500 Internal Server Error
The server encountered an unexpected condition which prevented it from
fulfilling the request.

Thanks.

Mat


Attached please find documents relating to a brief overview of legislation
affecting the energy market , a side by side comparison of the Texas and
California markets, and a status of Texas Public Utility Commission
proceedings.

I have another one page document I will fax to you.  Thanks, Jean


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Crude     http://www.carrfut.com/research/Energy1/crude29.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas29.pdf
Distillate     http://www.carrfut.com/research/Energy1/hoil29.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded29.pdf

Nov WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clx-qox.pdf
Dec Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Dec Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Nov Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hux-hox.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Nov/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/hux-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG29.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG29.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL29.pdf

Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606


did you just get that reply?


print first attachment only
----- Forwarded by Steven J Kean/NA/Enron on 10/16/2000 10:15 AM -----

	Janet Butler
	10/13/2000 03:59 PM

		 To: Daniel Allegretti/HOU/EES@EES, Tim Aron/ET&S/Enron@ENRON,
nancy.bagot@enron.com, John Ballentine/FGT/Enron@ENRON, Martha
Benner/ET&S/Enron@ENRON, Eric Benson/ET&S/Enron@ENRON, Donna
Bily/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Lynn Blair/ET&S/Enron@ENRON, Jack
Boatman/FGT/Enron@ENRON, Rob Bradley/Corp/Enron@ENRON, Theresa
Branney/ET&S/Enron@Enron, Lorna Brennan/ET&S/Enron@ENRON, Bob
Chandler/ET&S/Enron@ENRON, Bill Cordes/ET&S/Enron@ENRON, Shelley
Corman/ET&S/Enron@Enron, Christi Culwell/FGT/Enron@ENRON, Mary
Darveaux/ET&S/Enron@ENRON, Larry DeRoin/NPNG/Enron@ENRON, Rick
Dietz/ET&S/Enron@ENRON, Dari Dornan/ET&S/Enron@ENRON, John
Dushinske/ET&S/Enron@ENRON, Sharon Farrell/FGT/Enron@ENRON, Drew
Fossum/ET&S/Enron@ENRON, Donna Fulton/Corp/Enron, Lou
Geiler/ET&S/Enron@ENRON, John Goodpasture/OTS/Enron@ENRON, Mary
Hain/HOU/ECT@ECT, Steven Harris/ET&S/Enron@ENRON, Joe
Hartsoe/Corp/Enron@ENRON, Glen Hass/ET&S/Enron@Enron, Robert
Hayes/FGT/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, Bambi
Heckerman/NPNG/Enron@ENRON, Theresa Hess/ET&S/Enron@ENRON, Robert
Hill/NPNG/Enron@ENRON, Staci Holtzman/FGT/Enron@ENRON, Tamara
Hopkins/ET&S/Enron@Enron, Stanley Horton/Corp/Enron@Enron, Lee
Huber/ET&S/Enron@ENRON, Martha Janousek/ET&S/Enron@ENRON, Steven
January/ET&S/Enron@ENRON, Anne Jolibois/FGT/Enron@ENRON, Steven J
Kean/NA/Enron@Enron, Jeffrey Keeler/Corp/Enron@ENRON, Robert
Kilmer/FGT/Enron@ENRON, Frazier King/FGT/Enron@ENRON, Steve
Kirk/ET&S/Enron@ENRON, Tim Kissner/ET&S/Enron@ENRON, Laura
Lantefield/ET&S/Enron@ENRON, Linda L Lawrence/HOU/EES@EES, Blair
Lichtenwalter/FGT/Enron@ENRON, Elizabeth Linnell/NA/Enron@Enron, Teb
Lokey/FGT/Enron@ENRON, Phil Lowry/OTS/Enron@ENRON, Susan J Mara/SFO/EES@EES,
Donna Martens/ET&S/Enron@ENRON, Dorothy McCoppin/FGT/Enron@ENRON, Mike
McGowan/ET&S/Enron@ENRON, Rockford Meyer/FGT/Enron@ENRON, Mary Kay
Miller/ET&S/Enron@ENRON, michael.moran@enron.com, Sheila
Nacey/ET&S/Enron@ENRON, Michel Nelson/ET&S/Enron@ENRON, Ray
Neppl/NPNG/Enron@ENRON, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Christi L
Nicolay/HOU/ECT@ECT, Sarah Novosel/Corp/Enron@ENRON, Ranelle
Paladino/ET&S/Enron@Enron, Maureen Palmer/HOU/EES@EES, Zelda
Paschal/FGT/Enron@ENRON, Geneva Patterson/NPNG/Enron@ENRON, Maria
Pavlou/ET&S/Enron@ENRON, Eileen Peebles/ET&S/Enron@ENRON, Keith
Petersen/ET&S/Enron@ENRON, Peggy Phillips/FGT/Enron@ENRON, Janet
Place/NPNG/Enron@ENRON, Tony Pryor/ET&S/Enron@ENRON, Colleen
Raker/ET&S/Enron@ENRON, Kathy Ringblom/ET&S/Enron@ENRON, Jenny
Rub/Corp/Enron@Enron, Cynthia Sandherr/Corp/Enron@ENRON, James
Saunders/FGT/Enron@ENRON, Lisa Sawyer/ET&S/Enron@ENRON, Donna
Scott/FGT/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON, Richard
Shapiro/NA/Enron@Enron, Dave Schafer/OTS/Enron@ENRON, Mike G
Smith/NA/Enron@Enron, Louis Soldano/ET&S/Enron@ENRON, Lon
Stanton/ET&S/Enron@ENRON, James D Steffes/NA/Enron@Enron, James
Studebaker/FGT/Enron@ENRON, Jim Talcott/ET&S/Enron@ENRON, Edith
Terry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Debbie Thompson/FGT/Enron@ENRON,
Denis Tu/FGT/Enron@ENRON, Michael Van Norden/Corp/Enron@ENRON, Stephen
Veatch/FGT/Enron@ENRON, Donald Vignaroli/ET&S/Enron@ENRON, Jody
Warner/NPNG/Enron@ENRON, Kimberly Watson/ET&S/Enron@ENRON, Amber
White/HR/Corp/Enron@Enron, Julia White/ET&S/Enron@ENRON, Kim
Wilkie/ET&S/Enron@ENRON, Jane.Wilson@enron.com, Michele
Winckowski/ET&S/Enron@ENRON
		 cc:
		 Subject: Weekly Regulatory and Government Affairs Report

Attached is the weekly report for week ending October 13.

Also attached is the Order 637 Update.

Lastly, is the notice for Electronic Filings.


As for the email on Risk Memos:  I thought it looked good and is very
appropriate.  I did note that there were 4 categories for low risk
jurisdictions, and only 3 categories for each of medium and high risk
jurisdictions.  Maybe we cannot have a "no legal" risk in a high risk
jurisdiction; but what about "many significant" legal issues in a medium risk
jurisdiction?  Is this then too many categories?   Also, would it make any
sense to have ratings of 1 through 4 only, with a requirement to specify
whether we are dealing with a low, medium or high risk jurisdiction?  In
other words, could anyone be confused into believing that  a rating of 4 is
better than a rating of a 5?  As currently set forth, a higher rating does
not necessarily equate to a greater risk.  Unless a reader were very familiar
with the rating scale, someone might interpret a low number, out of say 10,
as having minimal risk, when ratings 4, 7 and 10 may actually be the "worst".

As for the OGC and Legal Committee:  I note only that Dan and Lisa would no
longer be on the LC.  How do you think we would convey this to them?  Also, I
was understanding that Stuart would start to be included.  I have also been
asked recently where Randy Young technically fits within the system.  He is
on the OGC, but I am still confused where he is technically on some
organization chart.

Thanks.  Lance.

W. Lance Schuler
Enron North America Corp.
1400 Smith Street, EB 3826
Houston, Texas  77002
Phone:  713/853-5419
Fax:  713/646-3393
Email:  lance.schuler-legal@enron.com


Grant,

Can Research in Houston put together a comparison of the long-term volatility
curves for gas and power in North America and Europe?  Based on where Europe
is marked (especially for the UK), I think we'll find a significant
difference out beyond 10 years.  Fundamentally, it seems like the long-term
vol should be similar for a given commodity regardless of geographic location.

Has Research done any work on this in the past?  If not, we should study this
since long-term vol feeds into the VAR-based position limits.

Give me a call so we can discuss.

Thanks

Dale


The accounts at Bear owned by the credit book are:

The old account under ECT name: 102-04919
This account is empty but not yet closed

The current ENA acct is: 102-06181
This is where the positions are now held

These are the accounts that need to go to Enron Credit Inc

Thanks,

Tom

From: Sara Shackleton@ECT on 03/27/2001 10:22 AM
To: Tom Doukas/NA/Enron@ENRON
cc:

Subject: prime broker account numbers

Tom:  Which accounts are being transferred to Bear?  Are these internal
account numbers?  Thanks

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/27/2001 10:20 AM -----

	Sheila Glover
	03/08/2001 11:31 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: prime broker account numbers


Where is my LNG map?


Jay,

I can't see the new IRAs on the web site.  It's no big deal.  But I would
like to have them linked.  Thanks.  Did you go to the playoff games?  It's
been a long time coming.

DG


How are you ?
When I saw this screen saver, I immediately thought about you
I am in a harry, I promise you will love it!


Randy:  Please forgive me for missing the call this morning.  I mistakenly
thought that my 7:30 am doctor's appointment was tomorrow and not this
morning.

Just a brief update to my resport of yesterday, Lynn, Brent and I are meeting
this afternoon to discuss the Tozzini response and set plans for another trip
to Sao Paulo to meet with the lawyers and refine the review.  I'll keep you
briefed because I know that we're fast approaching year-end and Tozzini will
be in a crunch.  We can discuss as the need arises.

Also, Lynn is preparing his synopsis regarding Don's recent inquiries about
trading office locations.  Don's questions tie into the legal review of
financial trading options in general but it's a good idea to address these up
front.

Please call if you have any questions.  I promise to be back on board next
week.  Regards.  Sara


No, the file that I sent you does not include depreciation.  Attached is the
depreciation schedule thru 11/00.

theresa
x58173


Thanks for the prompt reply and for staying faithful.  :)  ggm

-----Original Message-----
From: Sherri.Sera@enron.com [mailto:Sherri.Sera@enron.com]On Behalf Of
Jeff.Skilling@enron.com
Sent: Monday, May 14, 2001 4:47 PM
To: Gil Marmol
Subject: Re: Luminant

Gil,

Jeff asked me to let you know that he really appreciates this opportunity,
but his time in the office is at such a premium right now due to his heavy
travel schedule, it would be difficult at best to work them in.  He has
turned down several invitations to join boards because he just can't commit
the time.  So, while he is flattered by their interest, if and when Mr.
Quackenbush calls we will decline.

It was nice talking to you.  Glad to hear all is well.

Yours faithfully, Sherri ;-)

"Gil Marmol" <gmarmol@gmarmol.com> on 05/14/2001 03:27:50 PM

To:   "Jeff Skilling" <jeff.skilling@enron.com>
cc:   "Sherri Sera" <sherri.sera@enron.com>

Subject:  Luminant

Jeff,

Great to see Enron and you doing so well.  Congratulations on the -belated-
CEO ship, the blowout first quarter,
and the recent piece in Bloomberg.

Since we last met Luminant has done a important and impactful work for
Enron
(EES, Enron Networks, Global
Sourcing, Broadband among others).  The Oasis and the Websource Intranet
sites are examples of the results of
this work.  Phillippe recently selected Luminant as one five integrators
that Enron will use going forward.

David Quackenbush, Luminants COO, has been personally involved in leading
the work at Enron.  He and
Jim Corey Luminant's CEO would like to have the opportunity of meeting with
you, bringing you up to date
on the work, and inviting you to consider joining the Luminant board.

I am no longer affiliated with Luminant but David asked me to let you know
of their interest.  He will be
following up and seeing if there will be an opportunity for you to meet
with
them.

Regards,

Gil Marmol


I was thinking about that this morning on my way in.  You look really nice today!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:30 AM
To:	Rybarski, Amanda
Subject:	RE:

i dont realy think so but what do i know, by the way its a really ugly day out there

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:27 AM
To:	Maggi, Mike
Subject:	RE:

I thought we had to go?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 24, 2002 9:26 AM
To:	Rybarski, Amanda
Subject:	RE:

i dont know are you?

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 24, 2002 9:11 AM
To:	Maggi, Mike
Subject:

Are you going to that lame ass orientation today at the Houstonian?


Sorry for the delay - my e-mail has been down all day.
---------------------- Forwarded by Mark Taylor/HOU/ECT on 10/13/99 02:24 PM
---------------------------

Edmund Cooper
10/08/99 11:55 AM
To: David Grevelle/LON/ECT@ECT, Mark E Taylor/HOU/ECT@ECT
cc: Viatcheslav Danilov/LON/ECT@ECT, Paul Sharp/LON/ECT@ECT, Zuzana
Strmenova/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT
Subject: eClearinghouse - confidentiality and exclusivity agreement letter

Dear David,

Here is the version of the above document that Michael and I have drawn up
for you.  Please note that the English law version of the document needs to
be printed on Enron Europe Limited letterhead.

Mark - David has also asked for a Texas law version of this document.  Would
you be able to arrange for one of the Houston lawyers to take a look at the
document and make any necessary changes which would be required as a matter
of Texas law.  Please feel free to give Michael Brown or myself a call if you
need to have a chat about. Thanks.

Kind regards, Edmund.