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To customize, reschedule, or turn off these reports please  click here      Player Updates NFL Reports   [IMAGE]'); [IMAGE] Latest NFL Player News    Edgerrin James  , RB IND - The Leather Cheerios Updated 10/26/01   James sprained his left knee in the fourth quarter of Thursday's game at Kansas City. He did not return, and was replaced by Dominic Rhodes, who scored the Colts' final TD on a 77-yard run. James remained on the sidelines after leaving the game.    Derrick Alexander  , WR KC - She Said Updated 10/25/01   Alexander suffered an injury to his ribs prior to Thursday's game vs. Indianapolis. He did not play, and Larry Parker and Marvin Minnis saw most of the work in two receiver sets.    James Hodgins  , RB STL - Free Agent Updated 10/25/01   Hodgins is suffering from a toe injury and is questionable for Sunday's game against New Orleans. He won't be used much in the Rams offense even if he is healthy.     Dave Stachelski  , TE NO - Free Agent Updated 10/25/01   The Saints released Stachelski Wednesday. He caught just one pass this season for five yards.     Michael Bennett  , RB MIN - The Hillrods Updated 10/25/01   Bennett missed practice Wednesday and is listed as questionable on the injury report. He is making progress in his recovery, but his owners should reserve him on their roster. Head coach Dennis Green hasn't given any indication that he will use Bennett this week.     Todd Heap  , TE BAL - Free Agent Updated 10/25/01   Heap is optimistic about playing in Sunday's game against the Jaguars. However, he has been inactive since Week Two and is listed as questionable on the injury report. Consider reserving him this week.     Anthony Thomas  , RB CHI - The Hillrods Updated 10/25/01   Thomas has been named the starter for Sunday's game. He has a case of turf toe but the injury is not considered to be serious. Thomas is listed as probable on the injury report.     Kevin Swayne  , WR NYJ - Free Agent Updated 10/25/01   Swayne will start at wideout in place of the injured Wayne Chrebet. Consider using Swayne if you need a third receiver to start this week.     Reggie Swinton  , WR DAL - Free Agent Updated 10/25/01   Swinton is still recovering from a hamstring injury and will be re-evaluated after practice on Thursday. Swinton won't have much Fantasy value if he is healthy.     Dedric Ward  , WR MIA - Free Agent Updated 10/25/01   Ward has been ruled out of Sunday's game at Seattle. He is still recovering from a foot injury.     Terry Allen  , RB BAL - She Said Updated 10/25/01   Allen practiced Wednesday but remains questionable for this week's game, according to The Baltimore Sun . Jason Brookins will start Sunday if Allen is inactive.     Jason Brookins  , RB BAL - Free Agent Updated 10/25/01   Brookins has a minor shoulder injury but is expected to play this Sunday. He might actually start this week in place of the injured Terry Allen. Nevertheless, he is listed as probable on the injury report.     Shannon Sharpe  , TE BAL - KMB Express Updated 10/25/01   Sharpe is recovering from a leg injury but is expected to play in Sunday's game. He is listed as probable on the injury report.     Freddie Jones  , TE SD - She Said Updated 10/25/01   Jones has a sprained ankle but is expected to play in Sunday's game. He is listed as questionable on the injury report.     Hines Ward  , WR PIT - She Said Updated 10/25/01   Ward missed practice Wednesday because of a foot injury but is expected to play in Sunday's game. He is listed on the injury report as probable.     Joey Galloway  , WR DAL - Free Agent Updated 10/25/01   Galloway's status for Sunday's game will be determined after Thursday's practice. He is suffering from a foot injury that he suffered in the Cowboys' previous game.     Charlie Batch  , QB DET - Free Agent Updated 10/25/01   Batch was given the day off Wednesday, because of a sore arm. However, The Detroit Free Press reports that he is still expected to play Sunday against the Bengals.     O.J. McDuffie  , WR MIA - Free Agent Updated 10/25/01   Don't expect McDuffie to play again this season. The Miami Herald reports that he is still suffering from pain in his surgically repaired toe. McDuffie missed most of last season as well because of the injury.     Terrence Wilkins  , WR IND - Free Agent Updated 10/25/01   Wilkins will not play in Sunday's game. He has been ruled out because of broken ribs.     Jerome Pathon  , WR IND - Xtreme Updated 10/25/01   Pathon will miss his third straight game Thursday at Kansas City due to a sprained right foot. Rookie Reggie Wayne will replace him in the starting lineup.     Terry Glenn  , WR NE - The Hillrods Updated 10/25/01   Glenn's status for Sunday's game is uncertain, according to The Boston Globe . He did some running but did not practice Wednesday. Glenn is still recovering from a hamstring injury and the Patriots want to see how his leg holds up before activating him Sunday.     Drew Bledsoe  , QB NE - Free Agent Updated 10/25/01   The Boston Globe reports that there is a possibility that Bledsoe might be able to fill in as the emergency QB Sunday. Although he is still under his playing weight, he has begun throwing and doing individual passing drills.     Chad Morton  , RB NYJ - Free Agent Updated 10/25/01   Morton might be able to play this Sunday, according to The Bergen Record . He has missed the past three games because of an ankle sprain.     Marco Battaglia  , TE CIN - Free Agent Updated 10/25/01   Battaglia is listed on the injury report as probable. He has a calf injury but is expected to play in Sunday's game at Detroit.     Chad Johnson  , WR CIN - Free Agent Updated 10/25/01   Johnson is making progress in his recovery from a broken clavicle, but The Cincinnati Enquirer reports that he will be sidelined for several more weeks. Ron Dugans will fill in as the third receiver in his absence.     Chris Sanders  , WR TEN - Free Agent Updated 10/25/01   Sanders has responded well to back treatment and might play Monday, according to The Nashville Tennessean . However, Sanders is used as a third receiver on a run-oriented team and won't be too productive even if he is healthy.     Tyrone Wheatley  , RB OAK - Xtreme Updated 10/25/01   Wheatley did not practice Wednesday because of a wrist and knee injuries, but head coach Jon Gruden told The Contra Costa Times that he is making progress. He is listed as questionable for Sunday's game against the Eagles.     Keyshawn Johnson  , WR TB - Baby Blues Updated 10/25/01   Johnson ran in the morning and afternoon but did not practice Wednesday, according to The St. Petersburg Times . Johnson is recovering from hip and thigh injuries but is expected to play Sunday.     Jacquez Green  , WR TB - 2700 HUEVOS Updated 10/25/01   Green is listed as questionable for Sunday's game against Minnesota. He is recovering from a groin strain. Frank Murphy will replace Green at receiver if he is unable to play.     Warrick Dunn  , RB TB - Third World Countryman Updated 10/25/01   Dunn participated in running drills Wednesday and did not have any setbacks in his recovery from a toe injury, according to The St. Petersburg Times . Nevertheless, Dunn is still listed as questionable for this week's game against Minnesota.    More Updates    Transactions NFL Reports   [IMAGE]'); [IMAGE]  10/25   Chicago Rush (Arena)  Named David Witthun special teams coordinator and fullbacks/linebackers coach.     10/24   Carolina Panthers    Claimed linebacker Darren Hambrick off waivers from the Dallas Cowboys  ; waived linebacker Michael Hawkes.    Cleveland Browns    Signed defensive back Dyshod Carter to the active roster; waived defensive back Brandon Jennings; signed defensive back Earthwind Moreland to the practice squad.    Denver Broncos    Signed wide receiver Richard Hall and defensive back Kelly Herndon to the practice squad.    Detroit Lions    Placed wide receiver Germane Crowell  on injured reserve; released defensive end Alonzo Spellman; signed wide receiver Bert Emanuel  .    New Orleans Saints    Signed wide receiver Wane McGarity  to a one-year contract; waived tight end Dave Stachelski  .    Washington Redskins    Signed wide receiver Eric Metcalf  .     10/23   Chicago Bears    Placed wide receiver Marcus Robinson  on injured reserve; signed defensive end Joe Tafoya from the practice squad to the active roster; re-signed tight end Adam Young  to the practice squad.    Miami Dolphins    Placed safety Trent Gamble on injured reserve; signed safety Ray Green to a two-year contract.     10/22   Atlanta Falcons    Waived guard Chris Banks; signed tackle Dave Kadela from the practice squad; signed guard Chad Overhauser to the practice squad.    Chicago Bears    Announced it will play preseason and regular season home games in 2002 at Memorial Stadium at the University of Illinois in Urbana-Champaign.    Miami Dolphins    Signed defensive end David Bowens; released guard Ray Redziniak from the practice squad; signed wide receiver Ronney Daniels  to the practice squad.    BC Lions (CFL)  Signed defensive lineman Joe Ferrer to the practice roster.     10/19   Green Bay Packers    Re-signed defensive end Anthony Herron to the team's practice squad; released cornerback Hurley Tarver from the practice squad.     View Transactions   [IMAGE]'); [IMAGE] View  [IMAGE]    Transactions     Date     Time     Player     Team     Transaction     Effective     Cost   10/25/01 4:25 PM Conway, Curtis The Wounded Ducks Traded from The Hillrods Week 7   10/25/01 4:25 PM Bryson, Shawn The Wounded Ducks Traded from The Hillrods Week 7   10/25/01 4:25 PM Thomas, Anthony The Hillrods Traded from The Wounded Ducks Week 7   10/25/01 4:25 PM Brown, Na The Hillrods Traded from The Wounded Ducks Week 7   10/25/01 2:56 PM McCardell, Keenan 2700 HUEVOS Signed Week 7   10/25/01 2:56 PM Crowell, Germane 2700 HUEVOS Released Week 7   10/25/01 10:44 AM Jackson, James She Said Signed Week 7   10/25/01 10:44 AM Alstott, Mike She Said Released Week 7   10/25/01 10:44 AM Terrell, David Cali Bound Signed Week 7   10/25/01 10:44 AM Dwight, Tim Cali Bound Released Week 7   10/25/01 10:44 AM Nedney, Joe KMB Express Signed Week 7   10/25/01 10:44 AM Peterson, Todd KMB Express Released Week 7   10/25/01 10:44 AM Thomas, Anthony The Wounded Ducks Signed Week 7   10/25/01 10:44 AM Jones, Thomas The Wounded Ducks Released Week 7   10/25/01 10:44 AM Coles, Laveranues Baby Blues Signed Week 7   10/25/01 10:44 AM Chrebet, Wayne Baby Blues Released Week 7   10/25/01 10:44 AM Bears Third World Countryman Signed Week 7   10/25/01 10:44 AM Jaguars Third World Countryman Released Week 7   10/25/01 10:44 AM Proehl, Ricky The Wounded Ducks Signed Week 7   10/25/01 10:44 AM McCardell, Keenan The Wounded Ducks Released Week 7   10/25/01 10:44 AM Gardner, Rod Baby Blues Signed Week 7   10/25/01 10:44 AM Galloway, Joey Baby Blues Released Week 7   10/25/01 10:43 AM Centers, Larry The Leather Cheerios Signed Week 7   10/25/01 10:43 AM Goings, Nick The Leather Cheerios Released Week 7     Breakdown Schedule   [IMAGE]'); [IMAGE] Breakdown  [IMAGE]     KMB Express     Player     Pos     Points    Manning, Peyton   QB 24.0  Dillon, Corey   RB 0.0  Staley, Duce   RB 0.0  Graham, Jeff   WR 0.0  Hilliard, Ike   WR 0.0  Stokes, J.J.   WR 0.0  Sharpe, Shannon   TE 0.0  Nedney, Joe   K 0.0  Raiders   DT 0.0   [IMAGE]  TOTAL     24.0    [IMAGE] Redmond, J.R.   RB 0.0  Jets   DT 0.0  Alexander, Stephen   TE 0.0  Henry, Travis   RB 0.0  Kasay, John   K 0.0  Mason, Derrick   WR 0.0  Muhammad, Muhsin   WR 0.0  Weinke, Chris   QB 0.0   [IMAGE]   at Pumpdog     Player     Pos     Points    Culpepper, Daunte   QB 0.0  Holmes, Priest   RB 0.0  Stewart, James   RB 0.0  Holt, Torry   WR 0.0  Kennison, Eddie   WR 0.0  Thrash, James   WR 0.0  Pollard, Marcus   TE 6.0  Janikowski, Sebastian   K 0.0  Broncos   DT 0.0   [IMAGE]  TOTAL     6.0    [IMAGE] Hasselbeck, Matt   QB 0.0  Vikings   DT 0.0  Freeman, Antonio   WR 0.0  Jefferson, Shawn   WR 0.0  Levens, Dorsey   RB 0.0  Longwell, Ryan   K 0.0  Richardson, Tony   RB 0.0  Sloan, David   TE 0.0   [IMAGE]  Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc. Your site can be reached from http://fantasy.sportsline.com   FB10SP


Karen,

OK, so I'm a little slow.  I am waiting for Darrell to get back with some additional information on Agave Dodd to verify the Lat ID and Mktg Lat ID, but here's what I see so far:

Because they are receipt points, the GRI indicator set at NO is ok since it's only applicable to delivery points
The supply basin for both should be changed from West Texas to Central
Verify which templates these points may have been added to and correct (s/b CE9REC)

Thanks,
Elizabeth

 -----Original Message-----
From: 	Brostad, Karen
Sent:	Friday, December 21, 2001 2:14 PM
To:	Brown, Elizabeth; Buchanan, John; Draemer, Mary ; Frazier, Perry; Hernandez, Bert; Hyatt, Kevin; Kowalke, Terry; Lee, Dennis; Lindberg, Lorraine; Lohman, TK; Lokay, Michelle; Macpherson, Sigrid; McEvoy, Christine; Mercaldo, Vernon; Miller, Beverly; Minter, Tracy; Mulligan, Amy; Ramsaran, Gale; Schoolcraft, Darrell; Spraggins, Gary; Studebaker, James ; Trevino, Linda; Vignaroli, Donald; Ward, Linda
Subject:	New Transwestern POI's

Please be advised the following new points have been established for Transwestern

POI Name                  Agave Loco/Eddy County 12 in Loop
POI Number                78311
Meter #                   10188
DRN				   316185
Location                  Sec 2, T17S, R29E, Eddy County NM
Type                      PDC
Operator                  Transwestern Pipeline

POI Name                  Agave Dodd
POI Number                78308
Meter #                   10189
DRN			                315750
Location                  Sec 15, T17S, R29E
Type                      PDC
Operator                  Transwestern Pipeline

Elizabeth -please look over the lateral ID, marketing lateral ID, the supply basin, etc. and GRI flag and let me know if any changes need to be made. Thanks

Karen


isranir@rice.edu, demianen@rice.edu, tbal93@yahoo.com, maue@rice.edu,
loughrid@rice.edu, jblantonjr@yahoo.com, gjohnson@rice.edu,
emchombo@rice.edu, nazareth@rice.edu, vanstone@rice.edu, ganguzza@rice.edu,
nelsonb@rice.edu, sssmith@rice.edu, wheelock@rice.edu, westmore@rice.edu,
gaudette@rice.edu, otaylor@rice.edu, dikeman@rice.edu, jettke@rice.edu,
litton@rice.edu, chilkina@rice.edu, helms@rice.edu, wankhade@rice.edu,
monfan@rice.edu, kostya@rice.edu, pcp@rice.edu, yueguo@rice.edu,
nlwbio@rice.edu, zhangn@rice.edu, rishad@rice.edu, yoshiura@rice.edu,
howard@rice.edu, dayangd@rice.edu, wuwei@rice.edu, so@rice.edu,
wooddy@rice.edu, lamas@rice.edu, tbalestrery@houston.rr.com,
hingoran@rice.edu,
planck@rice.edu


Attached please find a changed Talking Points -

1. Tries to better finesse the rate increase proposal by limiting increase to
10%;
2. Corrects the cost of new generation - 4,000 MW costs $3.6 billion not $360
million;
3. Clarifies that CDWR's problem is paying off the debt, not just paying for
electricity.

Thanks,

Jim


SIPPING VODKA
A new priest at his first mass was so nervous he could hardly
speak. After mass he asked the monsignor how he had done.
The monsignor replied, "When I am worried about getting nervous
on the pulpit, I put a glass of vodka next to the water
glass.  If I start to get nervous, I take a sip."
So next Sunday he took the monsignor's advice. At the beginning
of the sermon, he got nervous and took a drink.  He
proceeded to talk up a storm. Upon his return to his office after mass, he
found the following note on the door:

1.  Sip the Vodka, don't gulp.
2.  There are 10 commandments, not 12.
3.  There are 12 disciples, not 10.
4.  Jesus was consecrated, not constipated.
5.  Jacob wagered his donkey, he did not bet his ass.
6.  We do not refer to Jesus Christ as the late J. C.
7.  The Father, Son, and Holy Ghost are not
referred to as daddy, junior, and the spook.
8.  David slew Goliath, he did not kick the shit out of him.
9.  When David was hit by a rock and knocked off his donkey, don't
say he was stoned off his ass.
10. We do not refer to the cross as the "Big T."
11. When Jesus broke the bread at the Last Supper he
said,"Take this and eat it for it is my body."  He did not
say, Eat me"
12.  The Virgin Mary is not called "Mary with the Cherry,"
13.  The recommended grace before a meal is not: Rub-A-Dub-Dub
thanks for the grub, yeah God.
14.  Next Sunday there will be a taffy pulling contest at
St.Peter's, not a peter pulling contest at St.Taffy's.

The origination of this letter is unknown, but it brings
good luck to everyone who passes it on.  The one who breaks the
chain will have bad luck. Do not keep this letter.  Do not send money.
Just forward it to five of your friends to whom you wish good luck.  You
will  see that something good happens to you four days from now if the chain
is not broken.

"I don't know the key to success, but the key to failure is to try to
please everyone..."
- Bill Cosby...

_________________________________________________________________________
Get Your Private, Free E-mail from MSN Hotmail at http://www.hotmail.com.

Share information about yourself, create your own public profile at
http://profiles.msn.com.


John,

I found the error.  It was a small logic error.

You can easily fix the problem if you go into the visual basic editor for the blotter file.  In the editor, you will see several modules listed on the left of the screen under the file.  You will need to edit the "Main_Query" module.

Once in the "Main_Query" module, you will need to search for the routine named "VerifyManualInputs".  The actual start of the routine looks like this:

Function VerifyManualInputs(FromDate As String, ToDate As String, PutCall As String, Lots As String, Strike As String, Price As String, CParty As String, sType As String) As Boolean

Within this routine, about 15-20 lines down, you should see the following two lines :

  If (isdate(FromDate) And isdate(ToDate)) Then
    If (ToDate < FromDate) Then

You need to change the second line to :

    If (CDate(ToDate) < CDate(FromDate)) Then

This should fix the problem.  The intent of the line is to prevent the "To Date" of a deal from being earlier than the "From Date".  In the original line of code, it does a TEXT based compare (like comparing is "ABC" < "DEF") instead of comparing the two values as DATES.  The modification I've laid out converts the from and to dates to date values before comparing.

I have tested the fix here and it should work fine.

I hope everything runs smooth for you next week.

Have a good Thanksgiving.

Greg


Please give me a space in the met garage.

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


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

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

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

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

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

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

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

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


The report named: West VaR <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=36&report_name=West+VaR&category_cd=2&category_name=WEST&toc_hide=1&sTV1=2&TV1Exp=Y&current_efct_date=11/26/2001>, published as of 11/26/2001 is now available for viewing on the website.


the rate model should not be adjusted...the purchaser's tax situation does not automatically
apply to the rate entity acquired...it is on a case by case basis...i highly recommend that
the step up be maintained on a separate entity

-----Original Message-----
From: Chandler, Bob
Sent: Tuesday, February 12, 2002 2:20 PM
To: Hayslett, Rod; Howard, Kevin A.; Geaccone, Tracy; Saunders, James;
Corman, Shelley
Cc: Desai, Jayshree; Walters Jr., Harry
Subject: RE: NNG 10 year valuation model

I think the deferred taxes are gone for ratemaking purposes, too.  I'm checking with Patty to see how they are handling with MGT and whether we can identify some specific pipeline names from the IRS letter rulings that Dave Borcyk and Robert Guthrie have provided.   The elimination of the deferred tax liabilities ought to result in a larger rate base calculation, but resulting higher rates would certainly be subject to competitive forces.

 -----Original Message-----
From: 	Hayslett, Rod
Sent:	Tuesday, February 12, 2002 2:01 PM
To:	Howard, Kevin A.; Chandler, Bob; Geaccone, Tracy; Saunders, James; Corman, Shelley
Cc:	Desai, Jayshree; Walters Jr., Harry; Guthrie, Robert
Subject:	RE: NNG 10 year valuation model

Have to be careful that you don't lose historical data for rate purposes.
Rod Hayslett
Office  713-853-6178
Cell     713-201-6135
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)

-----Original Message-----
From: Howard, Kevin A. <Kevin.Howard@ENRON.com>
To: Chandler, Bob <Bob.Chandler@ENRON.com>; Hayslett, Rod <Rod.Hayslett@ENRON.com>; Geaccone, Tracy <Tracy.Geaccone@ENRON.com>; Saunders, James <James.Saunders@ENRON.com>; Corman, Shelley <Shelley.Corman@ENRON.com>
CC: Desai, Jayshree <Jayshree.Desai@ENRON.com>; Walters Jr., Harry <Harry.Walters@ENRON.com>; Guthrie, Robert <Robert.Guthrie@ENRON.com>
Sent: Tue Feb 12 13:57:58 2002
Subject: RE: NNG 10 year valuation model

Tax gave us the same feedback. Davis had not yet updated the model for this.
Thanks.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)

-----Original Message-----
From: Chandler, Bob <Bob.Chandler@ENRON.com>
To: Howard, Kevin A. <Kevin.Howard@ENRON.com>; Hayslett, Rod <Rod.Hayslett@ENRON.com>; Geaccone, Tracy <Tracy.Geaccone@ENRON.com>; Saunders, James <James.Saunders@ENRON.com>; Corman, Shelley <Shelley.Corman@ENRON.com>
CC: Desai, Jayshree <Jayshree.Desai@ENRON.com>; Walters Jr., Harry <Harry.Walters@ENRON.com>; Guthrie, Robert <Robert.Guthrie@ENRON.com>
Sent: Tue Feb 12 13:54:03 2002
Subject: RE: NNG 10 year valuation model

Maybe I'm not looking at this appropriately, but why didn't the deferred taxes on the balance sheet disappear as of the date of sale to Dynegy?  My understanding is that the Option provided for a Section 338h10 basis step-up.  That would result in NNG's paying off its deferred taxes as of the transfer date.  I'm particularly interested in knowing how NNG will pay those taxes given that the note with Corporate can only be reduced to $240MM plus accrued dividends.  That tax election complicates the accounting significantly.

		 -----Original Message-----
		From: 	Howard, Kevin A.
		Sent:	Tuesday, February 12, 2002 10:35 AM
		To:	Hayslett, Rod; Geaccone, Tracy; Chandler, Bob; Saunders, James; Corman, Shelley
		Cc:	Desai, Jayshree
		Subject:	NNG 10 year valuation model

		I met with Jayshree Desai this morning to discuss the recommended changes to the NNG valuation model.  She will make these and circulate the model later today.  I few items worth mentioning -

		1) Capex assumptions still seem too high for 2002-2004.  However, the 2002 number is some $30 million below the "Dynegy transition" capex amount shown in the 2002 Capex schedule.  Can we just assume non-discretionary only with the Base Gas repurchase in 2002/2003? Any discretionary would be commercially-driven.
		2) Keep O&M flat to 2001 numbers?
		3) Tracy / Shelley - Any thoughts on how to incorporate the contract info to better analyze the "contract roll off" scenarios? We have just assumed the 2002 Plan with 1-2% growth rate going forward with a new rate case in effect in 2005. Rod, not sure how you want to look at rate case assumptions or expansion opportunities but we can discuss tomorrow.  Recognizing the volume of NNG contract info and the time constraint we are under, there may or may not be any better alternative.
		4) Rod - we have assumed an equity infusion of $175 million to re-capitalized NNG to more "reasonable" levels.  I can reduce the amount to $112,500,000 which is the Citibank prepay amount allocated to NNG if that sounds reasonable.
		5) We will show a reduction in A/R of $1.807 billion and a corresponding reduction in equity due to the MCTJ loan.

		Any thoughts you have on the above items would be very helpful.  We are trying to send out the info memo by the end of the week.  This model will be the basis for the NNG valuation.

		Thanks,
		Kevin


Dave, call you this weekend.  Thanks for breaking it down for me.


Start Date: 2/3/02; HourAhead hour: 2;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002020302.txt


Here are some thoughts on what our message may be.

Unclear how this is going to increase supply, decrease demand, and increase
customer choice.  Still doesn't make sense to us to have the state buy a
crumbling transmission network instead of school lunches.

We don't have enough details.  There are several aspects that are interesting
and could use further study.  Governor Davis needs to make the details public
as soon as possible so people can understand the full implications.  For
instance, what happens to DWR contracts?  Will they be assigned to SCE?  Will
customers have the right to choose going forward?

The recent events highlight the critical need to make sure that customers can
make their own energy decisions going forward.  We know that Government
doesn't know how to get this right.  The right answer is giving customers
more choices, not fewer.

Can't endorse it until we know if our bills are going to be paid in full.  If
the bills aren't paid in full, highly likely that we'll see involuntary
bankruptcy.

Too bad that this deal wasn't done earlier.  It could have saved alot of
money and pain.

Why do you need to include the transmission purchase in this deal?  May never
happen.  Make it easy - just deal with the under collection through
securitization and throught the EIX refund to SCE and get on with it.

Jim

---------------------- Forwarded by James D Steffes/NA/Enron on 04/09/2001
07:24 PM ---------------------------
From: Jeff Dasovich on 04/09/2001 07:00 PM
Sent by: Jeff Dasovich
To: Alan Comnes/PDX/ECT@ECT, Angela Schwarz/HOU/EES@EES, Beverly
Aden/HOU/EES@EES, Bill Votaw/HOU/EES@EES, Brenda Barreda/HOU/EES@EES, Carol
Moffett/HOU/EES@EES, Cathy Corbin/HOU/EES@EES, Chris H Foster/HOU/ECT@ECT,
Christina Liscano/HOU/EES@EES, Craig H Sutter/HOU/EES@EES, Dan
Leff/HOU/EES@EES, Debora Whitehead/HOU/EES@EES, Dennis Benevides/HOU/EES@EES,
Don Black/HOU/EES@EES, Dorothy Youngblood/HOU/ECT@ECT, Douglas
Huth/HOU/EES@EES, Edward Sacks/Corp/Enron@ENRON, Eric Melvin/HOU/EES@EES,
Erika Dupre/HOU/EES@EES, Evan Hughes/HOU/EES@EES, Fran Deltoro/HOU/EES@EES,
Gayle W Muench/HOU/EES@EES, Ginger Dernehl/NA/Enron@ENRON, Gordon
Savage/HOU/EES@EES, Harold G Buchanan/HOU/EES@EES, Harry
Kingerski/NA/Enron@ENRON, Iris Waser/HOU/EES@EES, James D
Steffes/NA/Enron@ENRON, James W Lewis/HOU/EES@EES, James Wright/Western
Region/The Bentley Company@Exchange, Jeff Messina/HOU/EES@EES, Jeremy
Blachman/HOU/EES@EES, Jess Hewitt/HOU/EES@EES, Joe Hartsoe/Corp/Enron@ENRON,
Karen Denne/Corp/Enron@ENRON, Kathy Bass/HOU/EES@EES, Kathy
Dodgen/HOU/EES@EES, Ken Gustafson/HOU/EES@EES, Kevin Hughes/HOU/EES@EES,
Leasa Lopez/HOU/EES@EES, Leticia Botello/HOU/EES@EES, Mark S
Muller/HOU/EES@EES, Marsha Suggs/HOU/EES@EES, Marty Sunde/HOU/EES@EES,
Meredith M Eggleston/HOU/EES@EES, Michael Etringer/HOU/ECT@ECT, Michael
Mann/HOU/EES@EES, Michelle D Cisneros/HOU/ECT@ECT, mpalmer@enron.com, Neil
Bresnan/HOU/EES@EES, Neil Hong/HOU/EES@EES, Paul Kaufman/PDX/ECT@ECT, Paula
Warren/HOU/EES@EES, Richard L Zdunkewicz/HOU/EES@EES, Richard
Leibert/HOU/EES@EES, Richard Shapiro/NA/Enron@ENRON, Rita
Hennessy/NA/Enron@ENRON, Roger Yang/SFO/EES@EES, Rosalinda
Tijerina/HOU/EES@EES, Sandra McCubbin/NA/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Scott Gahn/HOU/EES@EES, Scott Stoness/HOU/EES@EES,
Sharon Dick/HOU/EES@EES, skean@enron.com, Tanya Leslie/HOU/EES@EES, Tasha
Lair/HOU/EES@EES, Ted Murphy/HOU/ECT@ECT, Terri Greenlee/NA/Enron@ENRON, Tim
Belden/HOU/ECT@ECT, Tony Spruiell/HOU/EES@EES, Vicki Sharp/HOU/EES@EES,
Vladimir Gorny/HOU/ECT@ECT, Wanda Curry/HOU/EES@EES, William S
Bradford/HOU/ECT@ECT, Kathryn Corbally/Corp/Enron@ENRON, Jubran
Whalan/HOU/EES@EES, triley@enron.com, Richard B Sanders/HOU/ECT@ECT, Robert C
Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Greg Wolfe/HOU/ECT@ECT, James
Wright/Western Region/The Bentley Company@Exchange, Dirk vanUlden/Western
Region/The Bentley Company@Exchange, Steve Walker/SFO/EES@EES, Jennifer
Rudolph/HOU/EES@EES, Martin Wenzel/SFO/HOU/EES@EES, Douglas
Condon/SFO/EES@EES, wgang@enron.com, Scott Govenar <sgovenar@govadv.com>,
Hedy Govenar <hgovenar@govadv.com> @ ENRON, jklauber@llgm.com, Mike D
Smith/HOU/EES@EES, John Neslage/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Janel
Guerrero/Corp/Enron@Enron, Eric Letke/DUB/EES@EES, Richard B
Sanders/HOU/ECT@ECT, gfergus@brobeck.com, Michael Tribolet/ENRON@enronXgate,
Robert Frank/NA/Enron@Enron, Richard B Sanders/HOU/ECT@ECT,
gfergus@brobeck.com, Susan J Mara/NA/Enron@ENRON, Mercy Gil/Enron@EnronXGate,
Jennifer Thome/NA/Enron@Enron, David Leboe/HOU/ECT@ECT
cc:

Subject: Summary of the MOU

The following is an outline of the basic terms of the Southern California
Edison Memorandum of Understanding:

? Commitment to Provide Power ) SCE will keep its current generation plants
and other generation assets and commit them to provide power on a regulated
cost-of-service basis for 10 years.
? Dedication of Power ) Edison International will commit the entire output of
Sunrise (one of Edison International,s non-regulated generating facilities)
to the State on a fixed price basis for 10 years. Phase I of Sunrise is to be
brought online by August 15, 2001. If not brought online by August 15, 2001,
Edison International shall be assessed a $2 million penalty.
? Transmission Sale ) SCE will sell to the State its transmission assets for
approximately $2.76 billion (2.3 times the net book value of the assets),
subject to certain adjustments. Of the $2.76 billion, the $1.5 billion gain
on sale, will be used to reduce SCE,s net undercollected amount as of January
31, 2001. In connection with the purchase, the State will also assume certain
liabilities associated with the transmission assets.
? Backup Transaction ) If the transmission sale does not occur within two
years for reasons beyond the parties, control, then if the State elects, SCE
shall sell to the State SCE,s hydro generation assets. If the hydro assets
are not worth $1.5 billion, then SCE will also sell the state after December
31, 2010 enough below-market-price-power to make up the shortfall.
? Conservation Property ) SCE shall grant perpetual conservation easements to
the State covering approximately 260,000 acres of its Big Creek hydroelectric
related lands and 825 acres of its Eastern Sierra hydroelectric related
lands.  Some of the land may be deeded in fee.
? Contribution by Edison International ) Edison International will refund to
SCE not less than $400 million.  This money will consist of a refund of
approximately $293 million in estimated 2000 quarterly tax payments plus
approximately $197 million in federal loss carryback tax savings.
? Investment ) Edison International and SCE will invest not less than $3
billion over the next 5 years in capital improvements for SCE.
? Litigation ) SCE shall dismiss certain claims, including its takings and
filed rate doctrine cases.
? CPUC Regulation ) CPUC shall continue to regulate SCE using historical
principles of ratemaking.
? Payment for Portion of QF Drop-off ) SCE shall pay an amount that
represents that portion of the net short from January 18, 2001 to April 1,
2001 that is attributable to QF,s not selling to SCE (due to SCE,s failure to
pay the QF,s).  SCE will securitize this amount.
? Securitization ) SCE shall securitize its full net undercollected amount
(approx. $3.5 billion).  The securitization shall occur in two tranches (i.e.
two different nonbypassable dedicated rate components).

? The first tranche will occur after the passage of legislation and the
signing of the definitive agreements and will cover the net undercollected
amount, less the gain on sale, plus interest on certain obligations in the
net undercollected amount.
? The second tranche would be triggered if the transmission sale does not
occur within two years.  Accordingly, the second tranche would not show up in
rates for two years, if at all.

? Buying the Net Short ) The State will be required to buy the net short
through December 31, 2002.  After 2002 SCE will be responsible for covering
the net short.
? Investment Recovery ) SCE shall have an authorized rate of return that will
not drop below its current rte (11.6%) during the 10 year cost of service
ratemaking period.
? Next Steps (Definitive Agreements and CPUC Action):

? Definitive Agreements ) Once the MOU is signed, the next stage is to
negotiate definitive agreements which contain the specific terms of the
transmission sale, as well as the specific terms of the various other related
agreements (e.g., the O&M Agreement, Transmission Services Agreement and the
Facilities Services Agreement).
? CPUC Action ) Prior to entering into the definitive agreements, the CPUC
must undertake certain actions (which include: establishing mechanisms for
preapproval of procurement costs and URG costs, deferring SCE,s general rate
case until 2003, granting SCE some relief from direct access credits and
clarifying the first priority condition in the holding company act).


[IMAGE]	  Date: October 12, 2001  Recipient: Patrice last_name;  Selection No.: 5537-GL0923-679591 Status:  Activation Required Administrative  Authorization Approved
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	 Globe Life And Accident Insurance Company Policy Forms as applicable by state or GMPRTO term life in Oregon (FL only, Ray Bryant Resident Florida Agent) This policy has some exclusions available to New York residents from First United American Life Insurance Company.

If the above links do not work or appear, simply copy this URL and paste it into your browser's address field: http://web1.customoffers.com/click.asp?lnk=869&email=PMIMS@ENRON.COM

Your privacy is extremely important to us. You requested to receive this mailing, by registering at  CustomOffers.com or by subscribing through one of our marketing partners. As a leader in permission-based email marketing, we are committed to delivering a highly rewarding experience, with offers that include bargains, entertainment, and  money-making ideas. However, if you wish to unsubscribe, click here  or link to http://web1.customoffers.com/unsubscribe.asp?emid=520 Third-party offers contained in this email are the sole responsibility of the offer originator. [IMAGE]


We invoiced them for the look back period for the deals that settled March
31.  I am still waiting to hear if they paid from our back office (per
Palladium, they paid on Monday).  I have pulled the LC from the vault, and I
am waiting for the pmt confirmation before I send back.  If you want a good
laugh, give me a call and I will tell you what the desk wanted to try to do.

Tanya

From: Mark Taylor on 10/04/2000 01:36 PM
To: Tanya Rohauer/HOU/ECT@ECT
cc:
Subject: Re: Palladium Insurance Letter of Credit

Tanya - I just got back from vacation to find this waiting.  Do we need to do
anything?

Mark
----- Forwarded by Mark Taylor/HOU/ECT on 10/04/2000 01:35 PM -----

	Shari Stack
	09/19/2000 01:17 PM

		 To: Mark Taylor/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT
		 cc: Mark Tawney/HOU/ECT@ECT
		 Subject: Re: Palladium Insurance Letter of Credit

Mark/Tanya:

Just got this today out of the blue......  Could one of you please respond to
him? (I have not)

	Andy McComb <andym@powerscourt.bm>
	09/19/2000 12:41 PM

		 To: "'sstack@enron.com'" <sstack@enron.com>
		 cc: "James Horning (E-mail)" <james.horning@bankamerica.com>
		 Subject: Palladium Insurance Letter of Credit

Dear Shari,

Please be advised that Enron is still holding a letter of credit No. 7403213
in the amount of $7,000,000.

This letter of credit was provided by Palladium Insurance as credit support
for transactions which Enron terminated.

We request that Enron immediately return the letter of credit by overnight
to Bank of America at the following address:

 Bank of America
Insurance Division
231 South LaSalle Street
Chicago, Illinois  60697

Attn: Mr. James Horning

We would appreciate your confirmation of this action by return email or fax.

Yours sincerely,

Andy McComb
For Palladium Insurance Limited


day ahead/day of market


This is News@Anderson, a compilation of news and events
for the Anderson community brought to you by the Anderson
Alumni Office.  We hope this snapshot provides you valuable
information while minimizing the traffic in your mailbox.
Anderson Alumni... Keeping You Connected

Moving to a new city?  The Alumni Database can help you
find classmates in the area.  Visit it now.
http://www.anderson.ucla.edu/alumni

IN THIS ISSUE

EVENTS
1)  Discussion with Jack Welch - Former GE Chairman and CEO
    11/14 - LA
2)  Bay Area Chapter Town Hall meeting
    11/15 - Bay Area
3)  C4C/IFC Charity Golf Tournament
    11/16 - LA
4)  Joint Anderson and USC Marshall student/alumni tailgate
    11/17 - LA
5)  Holiday Cooking Class @ Zax in Brentwood
    12/2 - LA
6)  UCLA Anderson Forecast - Keynote address by California
    Governor Gray Davis
    12/5 - LA
7)  New York Chapter Holiday Party with Professor Cockrum
    12/6 - New York, NYC
8)  Accenture 2001 C4C Ski Trip
    12/14 to 12/17 - BC, Canada
9)  CMIE Conference - Save The Date
    1/31 to 2/1 - LA

EVENT DETAIL

1) November 14th  - Los Angeles (Moved to Royce Hall!)
   Please join the Anderson community to hear Jack Welch, former
   CEO of General Electric and arguably the most admired business
   leaders in American corporate history. Mr. Welch will visit The
   Anderson School to talk about leadership and management, as well
   as promote his recent book, Jack: Straight From The Gut, which
   recently earned the top spot on The New York Times bestseller
   list.  A book signing will follow the program; a limited number
   of books will be available for sale at the event.  Joining
   Mr. Welch will be Dean Willison and Los Angeles Times Business
   Columnist James Flanigan.
   Parking for the event will be in Lot 3.  You will need to purchase
   a parking pass ($6) at any of the kiosks prior to driving to Lot 3.

http://www.anderson.ucla.edu/research/faculty_lecture/dspeaker_jwelch.html

2) November 15th - San Francisco Bay Area
   This is the general membership's (i.e., all alumni in the Bay Area)
   opportunity to tell the leadership committee the good, the bad and
   the ugly about what's going on with the chapter. We will recap the
   year's events and begin the planning process for 2002. So, if
   you're interested in the future direction of the chapter and want
   to get involved, this is your chance.
   http://www.anderson.ucla.edu/alumni/calendar/events/bayareathm.htm

3) November 16th - Los Angeles
   C4C/IFC Charity Golf Tournament:  The UCLA Challenge for Charity and
   Investment Finance Club would like to invite all Anderson Alumni to
   participate in the Special Olympics and Planet Hope Charity Golf
   Tournament fundraiser at Sterling Hills Golf Club in Camarillo.
   Alumni can provide tremendous support by playing in the tournament
   or making donations for prizes and awards.  See the website for
   more details.
   http://www.anderson.ucla.edu/zone/clubs/c4c/golf.html

4) November 17th - Los Angeles
   Join us at the FIRST joint Anderson and Marshall student/alumni
   tailgate at the Coliseum!  Marshall has pledged to have more than
   700 guests but we can do better!!!  Let's show the Trojans that the
   Bruins have more spirit and pride. Contact Melissa Salazar at
   (310) 206-9816 or via e-mail at melissa.salazar@anderson.ucla.edu
   to purchase the football package which includes the football
   ticket and tailgate (DJ, barbecue, games, and great fun) for $65
   per person.  For those interested in being chauffeured, bus rides
   are available for $12 per person.
   http://www.anderson.ucla.edu/alumni/calendar/events/spankusc.htm

5) December 2nd - Los Angeles
   Join fellow Anderson Alums for a Holiday Cooking Class hosted by
   chef Brooke Williamson at ZAX restaurant in Brentwood. ZAX was
   recently voted one of LA's top new restaurants by LA Magazine so
   don't miss this opportunity to practice for those upcoming holiday
   dinners. You will learn how to prepare an appetizer, entree and
   dessert and will take home recipes for all three.
   http://www.anderson.ucla.edu/alumni/calendar/events/zax.htm

6) December 5 - Los Angeles
   UCLA Anderson Business Forecast - California in the Global Economy
   California Governor Gray Davis will deliver the afternoon keynote
   address.  This follows the three separate morning discussion tracks
   covering Europe and Japan, China, and the Americas featuring
   financial and political experts from each region.  Afternoon sessions
   include "The Forecast for the State, Nation and World" with Economist
   Edward Leamer, and "California, Current Challenges and Looking
   Forward".

7) December 6 - New York - SAVE THE DATE
   New York Chapter Holiday Party, Featuring Professor Bill Cockrum
   More details to come.

8) December 14th to 17th  - Whistler/Blackcomb, BC, Canada
   The annual MBA pilgrimage to the snow is occurring December
   14th - 17th this year for the UCLA Challenge For Charity Ski Trip.
   Students are heading north of the border to Canada to take
   advantage of Whistler/Blackcomb mountain resort.  With the
   sponsorship of Accenture consulting this year's trip looks
   to be one of the best.  For those alumni interested in attending
   there are spots available for you and your six friends.
   Please go to the website below for more information.
   http://www.moguls.com/anderson

9) January 31st to February 1st - Los Angeles - SAVE THE DATE
   The Center for Management in the Information Economy will hold
   its annual two day conference ?New Perspectives on the Information
   Economy? on January 31-February 1, 2002. The first day features
   keynote presentations by recognized technology leaders. The second
   day presents five parallel tracks that focus on enterprise software,
   mobile wireless telecommunications, entertainment media, Internet
   successes, and new e-commerce services.

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  your news out to the Anderson Alumni community, please
  contact Steve Lyon, Assistant Director, Anderson Alumni at
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just thought i would send you this link to see if we could both connect to
this site and talk to each other
---------------------- Forwarded by Greg Whalley/HOU/ECT on 04/05/2000 03:08
PM ---------------------------

henri@hearme.com on 03/24/2000 03:14:09 PM
Please respond to henri@hearme.com
To: gwhalle@enron.com
cc:
Subject: Henri's product

Let's talk!

Hey Greg! It was terrific seeing you and Mary at the wedding (thought I wish
I had spent more time talking to Mary). Now that I'm back in the office, I
thought I'd send you this invitation to talk.  In theory, as long as you are
using Windows, it should work, though I've had recent reports of some
problems with Netscape.  When you get a mic and you think I might be on-line
at work, just click the link below, agree to the certificate, and we should
be connected. If it doesn't work, I'll have to call you to walk you through a
demo of our other stuff. Let me know. Take care, Henri P.S.  Ulrich is still
so *serious*!

To join me in a live voice chat, click here:

http://www.hearme.com/vc/?henri@hearme.com

P.S.  If you go there and don't find me, I might not be on-line anymore.  In
any event, you can bookmark my web address to connect later.

Also - the first time you connect might take a little longer than usual:  you
might need to wait for your browser to be VoiceCONTACT enabled.

About HearMe(tm) VoiceCONTACT(tm):

Currently HearMe VoiceCONTACT only works with Microsoftc Windowsc  operating
systems.  The browser requirement is Microsoft Internet Explorer 4.0 or
better, Netscape 4.08 or better, or AOL.

HearMe VoiceCONTACT is the easiest way to talk to friends over the Internet.
VoiceCONTACT provides top quality live voice technology for talking to any
number of friends simultaneously. Unlike conventional voice-over-Internet
products, your friends do not need to download or install anything:  all they
need is a standard browser.

To find out more and get your own copy, click the link above, and then click
the "Get Your Own VoiceCONTACT" button.

HearMe and VoiceCONTACT are trademarks of HearMe.


looks like its 2 Gs to go to kansas city or st louis.  too far to miami, etc.

 -----Original Message-----
From: 	Jai Hawker <JHawker@petersco.com>@ENRON
Sent:	Monday, November 26, 2001 9:18 AM
To:	Richey, Cooper
Subject:

http://www.u2.com/u2.html <http://www.u2.com/u2.html>


print
----- Forwarded by Steven J Kean/NA/Enron on 10/16/2000 10:23 AM -----

	Meredith Philipp
	10/11/2000 05:39 PM

		 To: Jeff Skilling/Corp/Enron@ENRON
		 cc: Sherri Sera/Corp/Enron@ENRON, Shelly Mansfield/Enron
Communications@Enron Communications, Mark Palmer/Corp/Enron@ENRON, Eric
Thode/Corp/Enron@ENRON, Steven J Kean/NA/Enron@Enron, Katherine
Brown/Corp/Enron@ENRON
		 Subject: eCompany Now Interviews

eCompany Now, a Fortune Magazine publication focused on e-business, is
writing a feature on Enron.  The editor, Erick Schonfeld, will be in Houston
on Friday, October 13 to conduct interviews.  The focus of the story is, once
again, Enron's transformation to a new economy powerhouse and a successful
eCommerce company.

Erick is interested in your views on:
How Enron has evolved, both operationally and culturally, from a pipeline
company to an e-business market maker
Your role in Enron's overall strategy
Your vision for the future of your business
Where you see Enron in the near future

The interview schedule is as follows:
  10-10:30 Tour - ENA
  10:30-11:00 Greg Piper (clickpaper.com)
  11-12  Ken Rice (EBS)
  12-12:30 Tour - EBS
  2-3  Jeff Skilling (corporate overview)

I will bring Erick to your office at the scheduled time and will coordinate
any follow-up inquiries.  Please contact me if you have any questions.

Thank you,
Meredith
x57141


John,

This is the update on what I have done for the LNG transactions.

1. I was not involved in the LNG ship project. I shall  read the DASH
and give you my comments. Without looking at the details, I think that the
decision
to charter a tanker removes one significant risk we have at the Elba Island
project (please, see point 2).

2. Elba Island. I am working with Doug Rotenberbg, Brad Hitch, Scott Earnest
(Sally Beck's organization) and RAC to set up the book for the Elba Island
transaction. The next step
will be to expand the book to capture all the Enron's LNG-related  positions
in one place and
to look for natural risk offsets and possible hedges. A working group is
meeting to close a few
remaining gaps  tomorrow (Tuesday) at 8:30.

A few comments on the book design and my view of the project:

a. The current thinking is that LNG will be sourced for the Elba Island
facility
by buying marginal cargos on the fob basis. Marginal cargos will represent
supply from excess capacity that has not been committed under long-term
contracts or became available due to some short-term frictions.

The fob cargos are typically selling at a significant discount to the
long-term
contract prices. The economics of the deal, as represented by the book we are
setting up, will reflect the assumption that not only we can locate marginal
cargos
but that we shall be able to do it on a regular basis, arranging shipping and
coordinating
the facility schedule and natural gas transactions in the US. In other words,
we have a significant logistical and operational risk in this transaction.

b. The transaction will cover the period of 17 years (with an extension
option of
5 years). Even if we can lock-in the LNG volumes over this time period, we
have no ability to lock-in the other side of the spread (US gas prices) for
such a long tenor. This is
essentially a tolling transaction with exposure to the LNG - nat gas spread
and
I would not recommend locking-in only one leg of the spread.

One solution would be to  cover, let's say, 50% of he LNG volumes for the
first
5 years and lock-in the nat gas side on the US market side.

c. The book we are setting up will be based on many managerial assumptions
regarding sources of LNG, shipping rates, schedules, etc. I would set up a
big prudence reserve
in case we mark it to market.

d. My group will work on valuation of some options we have in the Elba Island
deal
(that are good for Enron) and on the hedging strategy for the LNG positions.
Long-term LNG contracts are typically based on the Japanese Crude Cocktail
that
correlates very well with Brent.

Vince

John Sherriff
05/14/2000 01:40 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Lauren Urquhart/LON/ECT@ECT
Subject: LNG May 19 decision

Vince

I haven't spoken to you for awhile but hope the world is treating you well.
Anyway with Greg moving to his
new role I have (I hope only temporarily) staff trading oversight for the
Eastern Hemishere plus LNG.

I understand that your group is taking a first cut at developing curves for
LNG and LNG ship values.   I also understand
that another LNG ship decision is on the dockets for May 19 (not very far
away).  Anway I understand this
is a big decision but I still have gotten very little info yet.  Can you
please let me know where you stand now?

I will ask my assistant Lauren to set up a time that I can speak with you in
the next couple of days and if you
have anything for me to review before then she can get it faxed to me as well.

Look forward to connecting with you Vince.

John


I spoke with Peggy's office ( she will not be in until right before the
meeting), and the fees within the Enron group that might apply to us are as
follows:\

EOG:  Directors:  flat retainer of $8,750/quarter ( no per meeting/attendance
fee)
  Each Chairman of a committee received an additional  flat $2,500 retainer
for their service

Northern Border:  No outside Directors that are paid by Enron:
Audit Committee receives flat retainer of $3,750, and $1,000/meeting.

She is going to check further to see if anyone has any additional input as to
a norm.  I will let you know and will talk to Peggy further also this
afternoon.


Looks ok to me.


LLoyd Will and Kim Melodick have requested your help in identifying what YOU feel it takes to be successful within each functional unit of East Power.  This feedback will be used to create a recruiting, retention and development tool that will assist East Power in identifying the skills and training that are key to your group's success. Please take some time to answer the attached four questions as they relate to your area.  Your participation and cooperation is greatly appreciated.

Sarah Zarkowsky x53791
Ben Brasseaux x58747
Meliza Evanson x57855

Enron North America
Human Resources


Of course I did!  Thanks.  Sara

	Julia H Chin@ENRON
	09/13/2000 02:14 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Marlin

i did.  it was at the end of the 22-page fax i sent to you last night.  did
you get that?

From: Sara Shackleton@ECT on 09/13/2000 02:08 PM
To: Julia H Chin/NA/Enron@Enron
cc:

Subject: Marlin

You were going to send me a copy of the Marlin confirm - Thanks.  Sara


Enron Troubles Only the Tip of the Iceberg?
TheStreet.com, 10/26/2001

Under the Radar: Enron's Flickering Bulb
TheStreet.com, 10/26/2001

DJ Enron Unit,New England Market Downplay Report Of Default
Dow Jones, 10/26/2001

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
Bloomberg, 10/26/01

Enron Executives Sent Requests for Details of Affiliate Profits
Bloomberg, 10/26/01

Enron Still Target in California Amid Other Problems (Update1)
Bloomberg, 10/26/01

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
Bloomberg, 10/26/01

Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees
Business Wire, 10/26/01

Enron Troubles Only the Tip of the Iceberg?
By Peter Eavis <mailto:peavis@thestreet.com>
Senior Columnist
TheStreet.com
10/26/2001 05:23 PM EDT
URL: <http://www.thestreet.com/markets/detox/10003083.html>

Dealings with a related party have tarnished Enron's (ENE:NYSE - news - commentary) reputation and crushed its stock, but it looks like that case is far from unique.
The battered energy trader has done business with at least 15 other related entities, according to documents supplied by lawyers for people suing Enron. Moreover, Enron's new CFO, who has been portrayed by bulls as opposing the related-party dealings of his predecessor, serves on 12 of these entities. And Enron board members are listed as having directorships and other roles at a Houston-based related entity called ES Power 3.
The extent of Enron's dealings with these companies, or the value of its holdings in them, couldn't be immediately determined. But the existence of these partnerships could feed investors' fears that Enron has billions of dollars of liabilities that don't show up on its balance sheet. If that's so, the company's financial strength and growth prospects could be much less than has generally been assumed on Wall Street, where the company was long treated with kid gloves.
Enron didn't immediately respond to questions seeking details about ES Power or about the role of the chief financial officer, Jeff McMahon, in the various entities. Enron's board members couldn't immediately be reached for comment.
Ten Long Days
Enron's previous CFO, Andrew Fastow, was replaced by McMahon Wednesday after investors criticized Fastow's role in a partnership called LJM, which had done complex hedging transactions with Enron. As details of this deal and two others emerged, Enron stock cratered.
The turmoil that resulted in Fastow's departure began two weeks ago, when Enron reported third-quarter earnings that met estimates. However, the company failed to disclose in its earnings press release a $1.2 billion charge to equity related to unwinding the LJM transactions. Since then, investors and analysts have been calling with increasing vehemence for the company to divulge full details of its business dealings with other related entities. Enron stock sank 6% Friday, meaning it has lost 56% of its value in just two weeks.
Enron's End Run?
New financial chief's involvement in Enron business partners
Enron-Related Entity	Creation DateMcMahon Involved?

ECT Strategic Value Corp.4/18/1985	Yes
JILP-LP Inc.	9/27/1995	Yes
ECT Investments Inc.	3/1/1996	Yes
Kenobe Inc.	11/8/1996	Yes
Enserco LLC	1/7/1997	Yes
Obi-1 Holdings LLC	1/7/1997	Yes
Oilfield Business Investments1/7/1997	Yes
HGK Enterprises LP Inc.	7/29/1997	Yes
ECT Eocene Enterprises III Inc.2/20/1998Yes
Jedi Capital II LLC	9/4/1998	Yes
E.C.T. Coal Company No. 12/31/1998	Yes
ES Power 3 LLC	1/7/1999	Yes
Enserco Inc.	3/25/1999	No
LJM Management LLC	7/2/1999	No
Blue Heron I LLC	9/17/1999	No
Whitewing Management LLC2/28/2000	No
Jedi Capital II LLC	4/16/2001	No
Source: Detox
However, Enron has yet to break out a full list of related entities. The company has said nothing publicly about McMahon's participation in related entities, nor has it mentioned that its board members were directors or senior officers in ES Power 3. (Nor has it explained the extensive use of Star Wars-related names by the related-party companies.) It's not immediately clear what ES Power 3 is or does. So far, subpoenas issued by lawyers suing Enron have determined the names of senior officers of ES Power 3 and its formation date, January 1999.
Among ES Power 3's senior executives are Enron CEO Ken Lay, listed as a director, and McMahon and Fastow, listed as executive vice presidents. A raft of external directors are named as ES Power 3 directors, including Comdisco CEO Norman Blake and Ronnie Chan, chairman of the Hong Kong-based Hang Lung Group. A Comdisco spokeswoman says Blake isn't commenting on matters concerning Enron and a call to the Hang Lung group wasn't immediately returned.
Demands, Demands
Rating agencies Moody's, Fitch and S&P recently put Enron's credit rating on review for a possible downgrade after an LJM deal that led to the $1.2 billion hit to equity. Enron still has a rating three notches above investment grade. But its bonds trade with a yield generally seen on subinvestment grade, or junk, bonds, suggesting the market believes downgrades are likely.
If Enron's rating drops below investment grade, it must find cash or issue stock to pay off at least $3.4 billion in off-balance sheet obligations. In addition, many of its swap agreements contain provisions that demand immediate cash settlement if its rating goes below investment grade.
Friday, the company drew down $3 billion from credit lines to pay off commercial paper obligations. Raising cash in the CP market could be tough when investors are jittery about Enron's condition.
This week, a number of energy market players reduced exposure to Enron. However, in a Friday press release, CEO Lay said that Enron was the "market-maker of choice in wholesale gas and power markets." He added: "It is evident that our customers view Enron as the major liquidity source of the global energy markets."
McMahon reportedly objected to Fastow's role in LJM, allegedly believing it posed Fastow with a conflict of interests. But he will need to convince investors that the 12 entities he's connected to don't do the same. Enron has said that its board fully approved of the LJM deals that Fastow was involved in. Now, board members will have to comment on their own roles in a related entity.

Under The Radar: Enron's Flickering Bulb
By Christopher Edmonds <mailto:cedmonds@thestreet.com>
Special to TheStreet.com
10/26/2001 05:08 PM EDT
URL: <http://www.thestreet.com/comment/chrisedmonds/10003075.html>

While the bulb at Enron (ENE:NYSE - news - commentary) may not have burnt out, it's clearly flickering. To date, investors aren't sure whether Chairman and CEO Ken Lay is up to the task of re-energizing the company he once built to greatness.
What's happened at the Houston energy giant-turned-dwarf could've been imagined with any number of ne'er-do-well companies during the well-chronicled bubble. But this is Enron. As one longtime Enron bull and shareholder said, "I never had to worry about Enron's ability to survive until this week. I still find it hard to believe."
Peter Eavis has done an exceptional job of chronicling Enron's adventures for some time. If you'd listened to him earlier this year, you'd have profited from his knowledge. His reporting on Enron's partnership shenanigans to the departure of Chief Financial Officer Andrew Fastow has been outstanding.
The rumors -- from a pending bankruptcy to a Justice Department investigation -- are, for now, just that. And, Enron did not single-handedly cause the California power crisis, nor is Royal Dutch/Shell (RD:NYSE - news - commentary) about to make a bid to buy the company. Sources do tell me that head-count reductions are likely through employee buyout offers and the company is set to refocus on its core energy business. And, while former CEO Jeff Skilling shares culpability for the current mess, his departure appears only indirectly related to Enron's current woes.
Now, Enron faces the daunting challenge of rebuilding both its business and, more importantly, its reputation.
The Company's Challenge
But what does Enron do now? It's very simple. Come clean, clean up the mess and refocus on its core business: wholesale energy markets, risk management and retail energy services. They support each other and create a platform that can be plenty profitable without a lot of gimmicks.
"Our gut feel is that Enron can pull it off, and long-term investors should hold firm, as eventually the stock gets valued on earnings, with upside potential to $25 per share over the next 12-18 months," says Jeff Dietert, power analyst at Simmons & Co. and a member of the TSC Energy Roundtable. "We believe new money with high risk tolerance should wait until Enron announces its intentions for communicating a clear path to recovery."
Dietert outlines four challenges for Enron. One, management must regain the Street's confidence and persuade investors that it can resolve balance-sheet strength and generate the expected earnings and cash flow. Two, Enron must maintain its investment-grade credit rating. Three, Enron must successfully execute its divestiture plans. Four, Enron must control the timing of the recognition of the write-down in the value of any assets where market value is less than book.
Straightforward? Yes. Easy to accomplish? No.
Although Enron says additional write-downs are unlikely -- except a $200 million charge early next year as the result of an accounting change -- analysts aren't so sure. They're focused on the company's Global Assets portfolio, sporting $6 billion in book value but generating an EBIT (earnings before interest and taxes) loss of $18 million over the past 12 months.
The divestitures include $390 million in exploration and production assets in India, $250 million in a Puerto Rico power plant and $250 million in a Brazilian power plant in the fourth quarter as well as the pending sale of Portland General, which is set to close in 2002. There will likely be others. However, Enron has to execute here, and given the current state of its affairs, the seller will feel the pressure.
The credit-rating issue is a fine line. The current ratings, BBB+ from Standard & Poor's and Baa1 from Moody's, are three levels above non-investment grade. However, both rating agencies now have Enron on their radar screens for possible downgrades. Dietert estimates that Enron's debt-to-market cap will be about 48% by year-end, and the company has interest coverage (EBITDA/ interest expense) of about 3.5 times. By comparison, the average S&P BBB-rated company has a debt-to-cap of 47.4% and interest coverage of about 6.1 times. The average BB company has debt-to-cap of 61.3% and interest expense of 3.8 times.
Frankly, everything falls on Enron's management team and its ability to reassure investors. "If Enron's management does not step up to calm investor fears, these fears could become a self-fulfilling prophecy," Dietert says. "In the potentially vicious cycle, investor fears could drive stocks down; the lower stock prices force the rating agencies to consider downgrades; potentially lower credit ratings force counter-parties to reduce exposure to Enron, limiting Enron's ability to generate earnings and cash flow."
It's time for Enron to grow up. Despite a lot of uncertainties and risk, I think it will. Investors with risk capital should do their homework on the stock and think about strategy. It's a tough call that requires strict, individual discipline.
There's an irony to this whole story, especially in Enron's lack of candor in reporting its financial results. In a much-lauded advertising campaign, Enron, looking to challenge conventional wisdom, asks the simple question, "Why? Ask why."
Investors are now asking. It's time for Ken Lay to answer.
First Things First
Many readers have asked about my relative quietness this week. Thank you for your concern. My father has fallen ill after fighting the effects of a brain tumor for more than a decade.
The choice was easy. I'm with him and my family.
Enjoy your weekend with family and friends.

DJ Enron Unit,New England Market Downplay Report Of Default
2001-10-26 17:14 (New York)

   By Kristen McNamara
   Of DOW JONES NEWSWIRES

  NEW YORK (Dow Jones)--Enron Corp.'s (ENE) retail sales unit defaulted on its
credit requirement in New England's wholesale power market this month, but the
event was neither unique nor newsworthy, the energy company and the
organization that developed the market's rules said Friday.

  The operator of the region's wholesale power market informed Enron Energy
Services last week that, for the third time in 12 months, it had traded a
greater volume of electricity than allowed by the bond it had posted and was at
risk for expulsion from New England's market.

  But it was administrative mixups, rather than financial problems, that
triggered the warning, which a few other companies have also received in the
past, the market's rulemaker said.

  "I can state with considerable confidence that there have been other
participants" that have defaulted on their credit agreements, "and it's never
been in the news," said David Doot, secretary and general counsel for the New
England Power Pool, which developed the policies governing the region's
electricity market. "My instinct is that this is blown way the hell out of
proportion."

  News of the Enron unit's default appeared in a trade publication and a major
metropolitan newspaper this week, as Enron's dealings with partnerships headed
by its former chief financial officer contributed to a plunge in the company's
stock and bond prices.

  Enron Energy Services never received word that it had defaulted on its
bonding requirement twice before, because both times it corrected the problem
within a day, spokeswoman Peggy Mahoney said.

  The letter sent by ISO New England, which operates the region's power market,
to notify the Enron unit of its third violation was addressed to the wrong
person, delaying the company's response, Mahoney said.

  "Clearly, it was an administrative error that we immediately took care of to
ensure that we would never exceed the volume limit," Mahoney said.

  The company resolved the problem by Oct. 19, Mahoney said. ISO New England
spokeswoman Ellen Foley confirmed Friday that the company had cured its
default.

  It's rare for a company to default three times, but it has happened on
occasion, Foley and Doot said.

  "I won't say it's commonplace, but I won't say it's unusual for a participant
to find itself out of compliance," Doot said. "Those things have in fact
happened from time to time."

  -By Kristen McNamara, Dow Jones Newswires; 201-938-2061;

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN
2001-10-26 16:47 (New York)

Enron Lawsuit Over Microsoft Broadband Agreement May Block MSN

     Houston, Oct. 26 (Bloomberg) -- Enron Corp.'s lawsuit
alleging Microsoft breached a contract for broadband services
could temporarily block the largest software company's high-speed
Internet service in some U.S. regions.

     Microsoft said the dispute temporarily blocks the company
from providing the high-speed service in areas where Enron
provides broadband access, leaving MSN fully operational only in
the 14 states where Qwest Communications International Inc.
operates, said Bob Visse, director of marketing for MSN.

     Enron's lawsuit was filed yesterday. Microsoft had planned to
offer fast Internet access in 45 cities beginning yesterday to
give the largest software company access to potential customers in
29 million homes. Microsoft, the No. 2 U.S. Internet provider, is
making a push to win customers from AOL Time Warner Inc.

     ``We are trying to resolve the issues with Enron as quickly
as possible and at the same time we are evaluating other
providers,'' Visse said.

     Officials at Houston-based Enron, the largest energy trader,
did not immediately return calls for comment.

                         The Agreement

     Enron in June signed an agreement with Microsoft to provide
bandwidth for MSN Internet service. Under the agreement, Enron
isn't required to deliver operational broadband services if
Microsoft hasn't first provided a billing and ordering system, Dow
Jones newswire reported.

     Enron claims in its lawsuit that Microsoft failed to deliver
the ordering and billing system required in the initial phase of
the deal, Dow reported.

     Enron's lawsuit comes after Microsoft said in an Oct. 23
letter that Enron will have breached the contract if it hasn't
provided an operational bandwidth system by Oct. 25, allowing
Microsoft to recover damages.

     Shares of Redmond, Washington-based Microsoft fell 36 cents
to $62.20, while Enron shares fell 95 cents to $15.40.

--Joyzelle Davis in Los Angeles (213) 617-0582, or

Enron Executives Sent Requests for Details of Affiliate Profits
2001-10-26 15:36 (New York)

Enron Executives Sent Requests for Details of Affiliate Profits

     Houston, Oct. 26 (Bloomberg) -- Lawyers for a shareholder
suing Enron Corp. are asking executives of the largest energy
trader to disclose any income they made from their involvement
with affiliated companies that bought and sold Enron assets.

     Lawyers have made the requests to President Greg Whalley,
Vice Chairman Mark Frevert and Chief Financial Officer Jeff
McMahon and 83 other employees arrived at Enron's Houston offices
this week, said Paul Paradis, a partner in the New York law firm
Abbey Gardy. Requests also were sent to 17 Enron partnerships such
as Whitewing Management and Marlin Water.

     Paradis represents Fred Greenberg, an Enron shareholder who
is suing the company's board for allowing former Chief Financial
Officer Andrew Fastow to run partnerships that cost the company at
least $35 million in cash and $1.2 billion in lost shareholder
equity.

     The requests are aimed at determining if Enron executives
benefited financially from roles as officers and directors of
partnerships that bought and sold company assets. Enron formed at
least 18 such affiliated companies, listing executives and
employees as officers and directors of the partnerships, according
to Texas secretary of state records.

     Under Texas law, failure to respond to the document requests
will result in subpoenas being issued. Subpoenas could go out next
week if responses don't arrive by then, Paradis said. Enron
spokeswoman Karen Denne didn't respond to requests for comment
about the document requests.

     The executives earned no income from the partnerships, Enron
spokesman Mark Palmer has said. ``There are no financial interests
in the structures themselves for any Enron employee,'' Palmer
said. He said it's common for a company to name its executives to
the boards of affiliates.

                       Affiliates Have Debts

     Texas records show Chief Executive Officer Kenneth Lay,
Frevert, Whalley, McMahon and dozens of other people who list
their address as Enron's corporate headquarters serving as
officers and directors of limited liability companies and foreign
business corporations.

     The document requests ask Enron executives for information on
any form of compensation or benefit received from any of the
affiliates, including stock grants and options. They also ask the
executives to disclose any equity or partnership interests in the
affiliates.

     Enron formed many of the affiliates to buy company assets
such as power plants and natural-gas pipelines. That allowed Enron
to move debt associated with those projects off its books.

     The affiliates bought the assets with borrowed money. They
plan to repay the debt by eventually selling the assets. Enron
might be liable for any shortfall between the sales proceeds and
the debt. That could amount to at least $3.3 billion if the assets
don't generate any money, a remote possibility, the company has
said.

                            Few Answers

     Investors and analysts pressed Enron Chief Executive Officer
Kenneth Lay for details on the finances of the partnerships in a
conference call Tuesday.

     Today, Enron spokeswoman Karen Denne didn't respond to
questions about one of them, ES Power 3 LLC.

     Texas records list 78 Enron executives and employees as
officers, directors and managers of ES Power 3 LLC. The entire
Enron board is also listed.

     Shares of Enron $1.15 to $15.20 in late trading.

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

Enron Still Target in California Amid Other Problems (Update1)
2001-10-26 16:15 (New York)

Enron Still Target in California Amid Other Problems (Update1)

     (Updates with closing share price in last paragraph.)

     Sacramento, California, Oct. 26 (Bloomberg) -- Enron Corp.,
facing an inquiry by federal securities regulators into
partnerships run by the former chief financial officer, remains a
target of investigations and lawsuits in California.

     California lawmakers and regulators have accused power
providers of manipulating the state's energy market to raise
prices. Enron, the biggest energy trader, and other power sellers
have denied the charges repeatedly.

     Next month, a California Senate committee investigating the
power market plans to hold a hearing to determine if Enron and
other generators are complying with subpoenas for trading
documents. Enron has been filing documents in Sacramento,
California.

     ``They are still putting documents in their depository, and I
don't think they've completed that process,'' said Alexandra
Montgomery, a consultant to the committee. It ``remains to be
seen'' whether Enron is complying with its subpoena, she said.

     The suits and inquiries came after wholesale power prices in
California soared, leaving the state's two largest utilities
insolvent. Under California's plan to open its electricity market
to competition, the utilities of PG&E Corp. and Edison
International weren't allowed to pass rising costs to customers.

     ``I know that we're doing our best to comply with what the
committee is asking for,'' Enron spokesman Mark Palmer. ``We are
putting documents in the depository, and we're looking forward to
a speedy resolution.''

     Shares of Houston-based Enron have fallen by more than half
since Oct. 16. The company ousted Andrew Fastow as the chief
financial officer Wednesday amid a U.S. Securities and Exchange
Commission inquiry into a partnership he ran that cost Enron $35
million.

                            Grand Jury

     Enron also is one of the companies being investigated for
civil and criminal violations by California Attorney General Bill
Lockyer, who convened a grand jury in June.

     Lockyer has been criticized by Enron officials for telling
the Wall Street Journal in May that he would like to put Enron
Chairman Kenneth Lay in ``an 8 x 10 cell that he could share with
a tattooed dude who says `Hi my name is Spike, honey.' '' Lockyer
later apologized for the remark.

     The attorney general's investigation is proceeding, Lockyer
spokeswoman Sandra Michioku said. Michioku said she didn't know
when civil or criminal charges against Enron or other power
providers might be filed.

     ``Our investigation is still being pursued,'' she said. ``We
had to go to court to get Enron to turn over documents, so that
slowed things down a bit.''

     Enron's Palmer said he didn't know the status of the attorney
general's investigation.

     ``I think the attorney general demonstrated his willingness
to take a fair and impartial look a long time ago when he made his
vulgar and unfounded remarks about our chairman,'' Palmer said.

                           More Lawsuits

     Enron, along with other major power providers such as Duke
Energy Corp. and Dynegy Inc., face at least five lawsuits alleging
they manipulated California energy prices in violation of
antitrust laws.

     The cases, which include separate complaints filed by the
City of San Francisco, California Lieutenant Governor Cruz
Bustamante and various consumers, currently are in state courts
awaiting a coordination proceeding, said Michael Aguirre, a lawyer
representing Bustamante. The lawsuits should be assigned to a
judge by the end of next month, he said.

     If the complaints succeed, the companies might be ordered to
repay profits from any illegal activities and pay fines, including
triple damages.

     Enron's stock fell 95 cents, or 5.8 percent, to $15.40,
declining for the eighth day in a row. The shares have fallen 80
percent in the past 12 months.

--Daniel Taub in Los Angeles, (323) 801-1261 or

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)
2001-10-26 16:18 (New York)

Enron Bonds Fall as Company Taps $3 Bln Credit Line (Update5)

     (Adds investor comment in fourth paragraph.)

     Houston, Oct. 26 (Bloomberg) -- Enron Corp. bonds and shares
fell after the largest energy trader tapped a $3 billion credit
line because it has been shut out of the leading market for low-
interest, short-term loans.

     The company's stock has fallen 54 percent in the past 14 days
after investors questioned its transactions with affiliates run by
Enron's former chief financial officer. The shares fell 95 cents,
or 5.8 percent, to $15.40 today.

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

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

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

                            Bonds Drop

     Enron's 6 3/4 percent bonds, which mature in 2009, declined 1
1/2 points to a bid of 84 cents on the dollar and an offer of 86
cents. At that price, the bonds, which carry a rating of ``BBB+,''
yield 9.53 percent.

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

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

     Though Enron's bonds have investment-grade ratings, their
yield at current prices is higher than those of industrial bonds
that carry junk ratings. According to Bloomberg data, companies
with ``BB'' ratings pay on average 9.16 percent to borrow for
seven years.

     A lower credit rating may also force Enron to buy back
holdings in other partnerships with its stock, diluting the value
of Enron investors' stock.

     Partnerships called Whitewing, Marlin and Yosemite own Enron
assets they bought with borrowed money. Enron sold the assets to
the partnerships to keep related debt off its books. The
partnerships plan to repay the borrowed money by selling the
assets.

                         Other Liabilities

     If Enron loses investment-grade rating, the borrowed money
comes due earlier, leaving less time for the partnerships to find
the best price for the power plants and other assets. Enron would
have to make up any shortfall between what the assets would sell
for and the amount of the debt.

     One way would be issuing common shares to exchange for Enron
preferred convertible shares held by the partnerships. That would
thin out the holdings of every other investor.

     Of the two main bond-rating companies, Moody's and Fitch have
Enron on watch for possible downgrade, and Standard & Poor's
lowered Enron's long-term credit outlook to negative. Egan-Jones
Rating Co. today lowered its rating on Enron's debt to ``BB+,''
one notch below investment grade, from ``BBB-.''

     Enron's liabilities associated with the partnerships amount
to at least $3.3 billion, the company has said.

     Enron ousted Chief Financial Officer Andrew Fastow on
Wednesday amid a Securities and Exchange Commission inquiry into a
partnership he ran that cost the company $35 million in direct
losses. Enron also bought back 62 million shares from the
partnership, reducing shareholder equity by $1.2 billion.

     ``It looks like the guy who was supposed to do everything for
the benefit of shareholders was running partnerships for the
benefit of himself,'' Fifth Third's Cassady said.

     Jeff McMahon, head of Enron's industrial markets group, was
named CFO in a bid to restore investor confidence, Lay said in a
statement.

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

Keller Rohrback L.L.P. Investigates Potential Claims on Behalf of Enron Corp. -- ENE -- Employees and Former Employees

10/26/2001
Business Wire
(Copyright (c) 2001, Business Wire)

SEATTLE--(BUSINESS WIRE)--Oct. 26, 2001--Seattle's Keller Rohrback L.L.P. is currently investigating potential ERISA claims on behalf of participants and beneficiaries of Enron's retirement and 401(k) plans.
The investigation period covers January 2000 through October 2001. The investigation focuses on concerns that, under the law interpreting ERISA, Enron and its plan administrators may have breached their fiduciary duties of loyalty and prudence by failing to disclose and inform the Plan participants and beneficiaries with respect to the use of employer stock as a Plan investment. Rather than providing complete and accurate information to the Plans' participants, it may be alleged that Enron and the plan administrators may have withheld and concealed material information, thereby encouraging participants and beneficiaries to continue to make and to maintain substantial investments in company stock and the Plans. This investigation is being conducted in light of recent events.
On Oct. 16, 2001, Enron surprised the market when it announced that the Company was taking "non-recurring charges totaling $1.01 billion after-tax, or ($1.11) loss per diluted share," in the third quarter of 2001. Enron later revealed that a material portion of the charge related to the unwinding of investments with certain limited partnerships, controlled by Enron's CFO, and that the Company would be eliminating more than $1 billion in shareholder equity as a result of its unwinding of the investments. As this news began to be assimilated by the market, the price of Enron common stock dropped significantly. In addition, several recently filed securities suits allege that Enron executives engaged in extensive insider trading, gaining millions of dollars in personal proceeds. Enron retirees have lost a substantial portion of their retirement earnings due to the drop in value of their retirement assets.
If you are a member of an Enron retirement plan, wish to discuss this announcement, or have information relevant to the investigation, you may contact paralegal Liza Catabay, or any member of our team (Britt Tinglum, Liza Catabay, or Lynn Sarko) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
Seattle's Keller Rohrback L.L.P. has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.

CONTACT: Keller Rohrback L.L.P. Liza Catabay, 800/776-6044 investor@kellerrohrback.com www.SeattleClassAction.com
15:16 EDT OCTOBER 26, 2001
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.


Car Rental Options for Enron Travelers

Rental car contracts for 2001 have been awarded to:

National Car Rental (Primary) and  Alamo Rent-A-Car (Secondary).

The intent of these agreements is to consolidate and leverage Enron's total
car rental spend to achieve the most favorable rates and non-pricing
provisions (i.e. insurance).

National Car Rental, due to its service levels, availability and total value
proposition, has been awarded Primary status and is recommended as the first
choice for Enron travelers' needs.

Alamo Rent-A-Car, a sister company to National, has been awarded a contract
reflecting a Secondary status, due to its service levels, availability and
low cost solutions.  Alamo is recommended as an alternative to National,
where available.

When you rent a vehicle in the United States, (including Puerto Rico) or
Canada, the following insurance provisions are included, regardless of rate
selected:
1. L/DW (Loss/Damage Waiver) - This is what is called Comprehensive or
Collision on your personal auto. It covers the rental vehicle and pays for
any damage to it.
2. Liability - This covers people and property outside the rental vehicle.
For both National and Alamo, the coverage is $100,000 per person, $300,000
per occurrence and $50,000 for property damage.
** IMPORTANT ***
These coverages apply regardless of rate selected, as long as the following
contract ID is communicated at the time of reservation and rental is recorded
on the transaction rental agreement.  (National -  5000838 Alamo    - #143974)

To enjoy the highest levels of service while renting a vehicle from Enron's
preferred suppliers, it is recommended that each traveler enroll in
National's and Alamo's preferred traveler programs.  National's Emerald Club
membership and Alamo's Quicksilver program are designed to speed the
transaction time by providing services such as counter bypass and rapid
return.  The enrollment fees for these programs have been waived for Enron
travelers.  Enrollment packets will be mailed to the addresses of Enron
American Express T&E Cardholders.  You may also find an enrollment form on
the Enron Travel Program intranet @ gss.enron.com <http://gss.enron.com/>.

If you have any questions or comments, please contact Jeff Leath at
713-646-6165.


please remove me from your distribution list

 -----Original Message-----
From: 	Third Millenium <NationalBrands@processrequest.com>@ENRON
Sent:	Wednesday, November 21, 2001 2:58 AM
To:	KWARD@ECT.ENRON.COM
Subject:	Free Nokia, Motorola, or Ericsson Cellular Phone

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[IMAGE]


wooooooooohoooooooooooooo  I'm all over it.

 -----Original Message-----
From: 	"Tamara Carter" <tcarter@sequentenergy.com>@ENRON
Sent:	Tuesday, April 16, 2002 1:23 PM
To:	J.Villarreal@coral-energy.com; slboudreaux@duke-energy.com; Patricia.Sanchez@elpaso.com; Germany, Chris; Dinari, Sabra L.; Loving, Scott; ASALDANA@HOUSTON.RR.com; dan.prudenti@neg.pge.com; kloocke@nisource.com; Ordway, Chris; Garcia, Clarissa; Shipos, Jennifer; Homco, Meredith; Allwein, Robert; Lamadrid, Victor
Subject:	Dan's Happy Hour

Just a reminder on the HH at Little Woodrow's Midtown for Dan this Thursday---its looking more like he will be there between 5:00 and 6:00 because Dan gets in a little later than he thought.  Please forward to anyone I may have missed.  See you guys there!

Hoo Ha!

TC
Content-Transfer-Encoding: quoted-printable
Date: Thu, 04 Apr 2002 16:16:39 -0500
From: "Tamara Carter" <tcarter@sequentenergy.com>
Subject: Dan's Happy Hour
Mime-Version: 1.0
Content-Type: text/plain; charset="us-ascii"
Content-Disposition: inline

Jersey Dan will be in town April 18th so we are going to party it up!  We are meeting for happy hour at Little Woodrow's in Midtown so mark your calendars!

Thursday April 18TH
LITTLE WOODROW'S
@ MIDTOWN
4:00 ISH
PLEASE FORWARD THIS TO ANYONE I MAY HAVE MISSED!


Please review the attached outage report that pertains to your region. If you have any questions, please give me a call.

Jerry Graves
713-345-8923


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From: "Financial Investment Technology Program at UC" <J24865-R202@iqmailer.net>
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Subject: An Invitation to the Financial Investment Technology (F.I.T.) - Program given at UC Berkeley
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[IMAGE]
More efficient and quantitative than an MBA specialization in Finance, and more advanced than any available executive education course, the Financial Investment Technology (F.I.T.) program offers attendees an extraordinary opportunity to learn and apply the latest advances in financial theory and practice. The course will be held at the Haas School of Business on the U.C. Berkeley campus from January 7th to February 1st, 2002.
  To view a quick presentation about the upcoming F.I.T. program click on the URL below, or paste this URL into your browser's address bar:http://www.haas.berkeley.edu/finance/FIT/presentation
All thirteen members of the world-renowned finance faculty of the Haas School of Business teach the F.I.T. program. Most professors will teach their particular specialty and several, where relevant, their current research. In years past, the original research presented is now summarized in current textbooks. With these professors, you will spend quality, live-in learning time mastering the techniques of modern quantitative finance.
The program is presented in two sequential, two-week terms entitled "Derivatives Modeling and Implementation" and "Dynamic Asset Management and Trading Strategies". These two segments make for an integrated package, but you can choose either one separately.
 The F.I.T. program is intended for senior implementers, line managers, and strategists in asset management, investment banking, trading, enterprise-wide risk management, and corporate strategic planning.
 You can contact the program coordinator, Johanna Della Valle  (please put 'FIT' in the subject line) via email or phone (510) 642-0114.
We hope to see you in January.
John O'Brien and Mark Rubinstein
F.I.T. Marketing and Executive Directors
http://www.haas.berkeley.edu/finance/FIT
johanna@haas.berkeley.edu
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Bus passes for January are now available at the Parking and Transportation office on the third floor of the Enron Building, ECN 306.  These passes are offered on a monthly basis and are provided at no charge to the Enron employee. However, because these buses passes are fully subsidized they must be treated as "taxable" income. Excluding the first $65 of the bus pass, the remaining value is subject to taxation, collectively referred to as "imputed tax". See example below

Example: A $100 pass is chosen by an employee.

Subsidy for Bus Pass		$100.00
Exclusion amount			$  65.00

Taxable Income amount		$  35.00


To be perfectly honest, I'm not sure.  Per John's message, he wants to trade
as ECT Investments.  IF he were doing any heding activity for the Merchant
assests portfolio, that trading would be as ENA, although, those trades may
be done by David Vitrella and/or Selena.   Do you know if John will be able
to trade as ECT Investments, or if a separate entity will have to be set up?