---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/27/99 04:03 PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  xtrials@optioninvestor.com (Option Investor Newsletter     Trials)
                       01/24/99 06:32 AM

Please respond to xtrials@optioninvestor.com
To: Option Investor Newsletter Trials <xtrials@optioninvestor.com>
cc:  (bcc: Mark - ECT Legal Taylor/HOU/ECT)
Subject: Sunday - Option Investor Newsletter 5 of 6     (Puts/Combos)

The Option Investor Newsletter            1-24-98
Sunday                5  of  6

PUTS Continued
**************
Campbell Soup Company (CPB) - $44.31 .25 (-.81)

Campbell Soup Company is a global manufacturer and marketer of
branded convenience food products operating in three business
segments: Soup and Sauces, Biscuits and Confectionery, and
Foodservice. Campbell Soup Company is the world's largest
maker and marketer of soup with fiscal 1998 sales of $6.7
billion.

Warm weather, flat sales, inefficient supply chain, and
company's ability to achieve costs savings and capacity
utilization are being called into question by analysts.
Increased marketing and selling expenses, increased store
level inventory levels, encroachment from private label (store
brand) products, reduced consumption levels and a recent
announce of new cost-cutting initiatives will cause fiscal
1999 earnings to fall short of analysts' estimates by 18 to
23 cents per share.  Analysts surveyed by First Call Corp.,
which tracks such estimates, had expected the company to earn
$2.13 a share during the year, which ends July 31. Campbell
earned $1.90 a share in the prior year. Campbell Soup Co.
said it now expects U.S. soup consumption to rise by only 1
to 2 percent in the second quarter from the previous year,
not 4 to 5 percent.

Stock recently failed at $59 and then broke key support at
$54.00 on news of earnings shortfall. Excessive call buying
recently is bearish and may provide continued overhead
resistance.

Play: Earnings Warnings

Update:
Stock recovered some last week but still trading below gap
price of $45.  Could sell off more if broad market comes
under pressure.

BUY PUT FEB-50  CPB-NJ OI=135 @ $6.00 SL=4.25
BUY PUT FEB-45  CPB-NI OI=593 @ $1.94 SL=1.00

Chart = http://quote.yahoo.com/q?s=cpb&d=3m
*****

DuPont de Nemours (DD) - $54.31 .25 (-2.69)

E.I. DuPont de Nemours and Company operates in fiveprincipal
industry segments: Chemicals, Fibers, Polymers,Life
Sciences, and Diversified Businesses.  For the 9 monthsended
9/30/98, total revenues rose 1% to $19.29B.  Netincome from
continuing operations before extraordinary itemand
applicable to Common fell 37% to $859M.  Revenuesbenefited
from acquisitions. Earnings were offset by a$651M
increase in purchased in-process R&D charges.

Pricing pressures from overcapacity continue to weigh on the
chemical group.  Street has been busy cutting the group's
earnings estimates for the next couple of quarters, as
troubled economies in Asia and Latin America suggest that
demand/pricing conditions won't improve any time soon.
Commodity chemicals such as ethylene hardest hit, with prices
falling by as much as 50% over past year.  Stocks have seen
some buying interest in recent weeks on hopes that lower
interest rates will jumpstart sagging global economy.  But
gains appear more a function of underlying market strength and
light bargain hunting than any sea change in expectations for
a sustained earnings recovery.  Chemical companies are
cutting jobs and reducing production to adjust to challenging
conditions.  Comparison periods will also become more
attractive by mid-CY99. However, until that time there is no
reason to suspect the group to do anything but underperform
the market.  Given existing oversupply, declining earnings
growth, slowing worldwide economic growth and the market's
preference for momentum over turnaround situations, DD could
be under pressure over the near-term.  After advancing $7
over the past couple of weeks, DuPont signaled a failed rally
at its declining 200-day moving average.  Target - $53.

Play: Failed Rally

Stock moved up fractionally during Friday's (1/22) broad sell
off. Stock still below declining moving averages.  Tighten
protective sell stop to $58.25.

BUY PUT FEB-60  DD-NL OI=1907 @ $6.38 SL=4.75
BUY PUT FEB-55  DD-NK OI=1879 @ $2.69 SL=1.75

Chart = http://quote.yahoo.com/q?s=dd&d=3m
*****

Hershey Foods (HSY) - $59.00 1.00 (-2.25)

ershey Foods (HSY) manufactures, distributes, and sells a
broad line of chocolate and non-chocolate confectionery,
pasta and grocery products.  For the nine months ended
10/4/98, net sales rose 4% to $3.2 billion.  Net income rose
5% to $230.9 million.  Revenues reflect higher sales of core
confectionery brands and incremental sales from the
introduction of new confectionery products.  Earnings also
reflect reduced marketing costs for existing brands and lower
selling costs in foreign markets.

Play Description:
Stock continues to struggle following analyst downgrades and
Q4 weakness. Margins are likely to be under pressure with
increased costs. Stock simply seems to be out of favor and
relative strength is declining. Likely to test lows at $48.

Play: Failed Rally

Update:
Stock moved higher during Friday's (1/22) broad market sell-off
but still trading below key benchmark of $60. Tighten protective
stop to $62.25.

BUY PUT FEB-65  HSY-NM OI=182  @ $6.38 SL=4.75
BUY PUT FEB-60  HSY-NL OI=425  @ $2.63 SL=1.75

Chart = http://quote.yahoo.com/q?s=hsy&d=3m
*****

Microchip Tech (MCHP) - $30.19 -1.00 (-4.94)
Semiconductor

Company Description:
MCHP develops, manufactures and markets programmable 8-bit
microcontrollers, application specific standard products and
related specialty memory products for consumer, automotive,
office automation, industrial and communications markets.

Play Description:
Microchip is struggling to restructure its operations to try
to eliminate the company's older, less-efficient manufacturing
capacity and to manage inventory levels. Analysts recently cut
estimates for fiscal '99 and '00. Microchip's December quarter
was characterized by continued low order visibility, along with
some weakness in end-of-quarter turns order shipments,
Stock recently gapped off of failed rally point of $40 and may
test prior lows in the $20's

Play: Analysts Downgrade

Update:
Stock still breaking down and nearing key 100 and 200-day
moving averages.  Could retest $20 if stock breaks under $30.

BUY PUT FEB-35  QMT-NG OI= 99 @ $5.88 SL=4.00
BUY PUT FEB-30  QMT-NF OI=257 @ $2.44 SL=1.25

Chart = http://quote.yahoo.com/q?s=mchp&d=3m
*****

Merck (MRK) - $139.00 -7.31 (-8.13)

Merck is a pharmaceutical company that discovers,develops,
produces and markets human/animal health productsand
services.  Merck also provides pharmaceutical benefit
services. For the 9 months ended 9/30/98, sales rose 11%
to$19.37B.  Net income rose 14% to $3.85B. Revenues
reflecthigher sales of established major products & newer
products,and growth from the Merck Medco Managed Care
business. Earnings also reflect gains on the sales of
businesses.

After climbing 38% over the past four months, this leading
pharmaceutical company is showing signs of potential
failed rally below its 52-week high of $161.75.  Retracement
target $136-$140. Pinnacle's sentiment indicator is reaching
extreme levels (4.7) setting this high tech company up for a
precipitous sell-off if expectations don't measure up within
the drug sector.

Play: Failed Rally

Big winner for OI subscribers last week after selling off
precipitously on Friday (1/22).  Drug sector now begging to
roll over.

BUY PUT FEB-145 MRK-NI OI=1686 at $6.25 SL= 4.25
BUY PUT FEB-140 MRK-NH OI=1720 at $3.63 SL= 1.75

Chart = http://quote.yahoo.com/q?s=mrk&d=3m
*****

Perkin-Elmer Corporation (PKN) - $91.31  -2.88 (-4.06)

Perkin-Elmer Corporation (PKN) develops, manufactures and
markets life science systems and analytical instruments for
the pharmaceutical, biotech, environmental, agricultural,
forensics and chemical industries. For the three months ended
9/98, revenues rose 16% to $375.8 billion. Net income fell
21% to $17 million. Revenues reflect higher sales of biotech
products in the U.S. and Europe. Earnings suffered from
higher R&D, merger charges, decreased interest income, a $3.1
million loss at Tecan and a higher tax rate.

PKN operates internationally, with manufacturing and
distribution facilities in various countries throughout the
world and derives approximately 53% of its revenues from
countries outside of the United States. Results continue to
be affected by market risk, including fluctuations in foreign
currency exchange rates and changes in economic conditions in
foreign markets. Company is in the process of reorganizing
the Company's capital structure to help move Perkin-Elmer
toward a market leader in biomedical and genomics
information. They are currently evaluating strategic
alternatives for our analytical instruments business.

Distribution among top institutional shareholders is taking
place as stock is likely to trade back into trading range of
$65-75. Stock moving up in anticipation of  Celera Genomics
spinoff but sale of the AI division may be dragging on.
Questions also remain about suitable valuation level after
spinoff.  Today's price action attributable to possible delays
in Celera Genomics spinoff.

Play: Failed Rally

Stock finally breaking down after consolidating between $95-$100.
Target is $80.

BUY PUT FEB-95  PKN-NS OI=174 @ $6.63 SL=4.00
BUY PUT FEB-90  PKN-NR OI=27  @ $3.75 SL=2.00

Chart = http://quote.yahoo.com/q?s=pkn&d=3m
*****

Warner Lambert (WLA) - $67.94 .94 (-1.88)

Warner Lambert is a manufacturer of ethical pharmaceuticals,
biologicals, capsules, consumer health care products and
confectionary products.

Shares of large U.S. drug companies are being hurt by profit
taking and concerns about proposed changes to the Medicare
payment system.  Recently, a Bipartisan Commission opened the
door for Medicare to cover prescription drugs for
beneficiaries, a recommendation that if adopted, could put
pressure on drug companies.  Recent inquiries regarding the
safety of Rezulin received nationally televised attention and
may give rise to  investor concern.   Also, it may be
difficult to sustain the growth rates for Lipitor, Rezulin
and Neurontin products that WLA has enjoyed this past year.

Top side consolidation since July may be difficult to overcome
in extended market conditions.  Given that the drug sector
has and will continue to be a strong performing sector, we
recommend a modest sell-off price targets of $55 to 60.

Play: Failed Rally

Update:
Top side consolidation since July may be difficult to overcome
in extended market conditions.  Still trading below key 100
and 200-day moving averages and benchmark of $70.  Tighten
protective sell stop to $71.25.

BUY PUT FEB-75  WLA-NO OI=1233 @ $8.00 SL=6.75
BUY PUT FEB-70  WLA-NN OI=2134 @ $4.75 SL=3.00

Chart = http://quote.yahoo.com/q?s=wla&d=3m

***********
COMBO PLAYS
***********
U.S. blue chips stocks fell sharply Friday as worries about the
Brazilian currency crisis and poor revenues at the world's biggest
computer maker drove traders to an aggressive sell-off. The DJIA
closed 143 points lower and has shed all of its gains for the year.
Concerns that Latin America's economic instability and Brazil's
currency devaluation could hurt other countries sent investors out
of stocks and into bonds, seeking safety in U.S. government assets.
To make matters worse, IBM's earnings were good, not spectacular,
and revenues were disappointing due to poor hardware sales. IBM
also failed to announce a generally expected stock split, making
investors even more unhappy. Analysts are saying the main problem
with our current market is that optimistic investors are expecting
earnings to come in better than what they're actually going to be
and this will probably cause a near-term market downturn. We shall
soon find out!

Our new spread positions were all available near the recommended
entry points. CTXS was the first candidate, and although the stock
price continued to slide, the play (MAR90C/FEB95C) was still
favorable at an initial debit of $4.87. RDRT was also lower at the
open and the debit for the MAR17C/FEB20C bullish diagonal spread
was $1.75. LVLT was a bull-call position with a conservative bias
and the price for the MAR37C/MAR45C spread was $4.62. SEPR is our
new long-term play and the volatile trading offered a couple of
opportunities to enter the position, (JAN00-100/FEB100C) at $19.25.

Other activities included a closing play on CIEN as the stock price
gapped-up $4 amid speculation it may again be a possible takeover
target and rumors it may land a large contract. PCS continues to
move higher in the "hot" telecom sector and we are monitoring the
positions closely. They are now both deeply ITM and there is always
the chance of early exercise. Good Luck!

CREDIT SPREAD SUMMARY
*********************
Stock   Pick     Last      Position   Credit  Cost    G/L   Status

AAPL   $41.38   $38.75   FEB35P/37P   $0.87  $1.00  ($0.12)  Open
COF    $130.43  $128.69  FEB105P/110P $0.62  $0.38   $0.25   Open
ELN    $68.93   $70.25   FEB80C/75C   $0.75  $1.00  ($0.25)  Open
GMSTF  $59.87   $59.00   FEB40P/45P   $0.50  $0.50   $0.00   Open
SDTI   $25.50   $25.81   FEB17P/20P   $0.50  $0.38   $0.12   Open
SRCM   $20.87   $20.88   FEB15P/17P   $0.75  $0.75   $0.00   Open

Credit spreads are profitable if both positions remain OTM until
expiration. The cost-to-close price can be used to compare the
initial opening credit to the current spread value.

CALENDAR SPREAD SUMMARY
***********************
Stock   Pick    Last     Position    Debit   Value    G/L   Status

ATI    $64.93  $93.88 LJAN70/FEB75C  $8.50   $9.50   $1.00  Closed
BGP    $23.19  $18.69    FEB25C      $1.38   $0.25  ($1.12)  Open
CD     $19.93  $19.00 LJAN20/FEB20C  $3.50   $3.50   $0.00   Open
CPQ    $42.68  $46.19 APR45C/FEB45C  $0.00   $2.00   $2.00   Open
CTXS   $89.00  $87.25 MAR90C/FEB95C  $4.87   $5.00   $0.12   Open
DIS    $38.00  $34.13 LJAN40/FEB40C  $4.00   $3.50  ($0.50)  Open
GM     $71.50  $90.75 MAR70C/FEB75C  $4.50   $5.00   $0.50   Open
HUM    $19.50  $19.38 MAY20C/FEB20C  $1.25   $1.25   $0.00   Open
NOVL   $18.19  $19.19 MAY17C/FEB20C  $1.12   $2.50   $1.38   Open
OMPT   $14.06  $16.00 MAR15C/FEB15C  $1.50   $0.75  ($0.75)  Open
OXHP   $20.06  $18.81 MAY20C/FEB20C  $0.81   $1.50   $0.68   Open
PCS    $21.81  $30.88 MAY22C/FEB25C  $1.50   $3.50   $2.00   Open
PTEK   $11.38  $11.00 MAR12C/FEB12C  $0.50   $0.62   $0.12   Open
RDRT   $18.93  $18.31 MAR17C/FEB20C  $1.75   $1.56  ($0.19)  Open
SEPR   $99.62  $99.50 LJAN100/F100C  $19.25  $19.38  $0.12   Open
SUNW   $94.50  $98.00 LJAN100/F100C  $14.00  $17.50  $3.50   Open
WCOM   $74.25  $74.88 LJAN75/FEB75C  $5.62   $10.50  $4.87   Open

The calendar (or time spread) is profitable if the value of the
position exceeds the initial debit (or cost-basis) at the end of
the expiration period for the long position. However, because we
track the plays based on the current closing cost/value, the gains
for time spreads will rarely be reflected until the play closes.
Each month, as we sell a new call against the long position, the
net cost should decline or the position value should increase.

DEBIT SPREADS
*************
Stock   Pick     Last      Position   Debit   Value   G/L   Status

ABI   $48.87   $48.31  FEB45C/FEB50C  $2.87   2.75   -0.12   Open
AOL   $146.50  $140.44 FEB155C/160C   $2.50  $1.25  ($1.25)  Open
AOL   $146.50  $140.44 FEB155C/160C   $1.50  $1.25  ($0.25)  Open
CIEN  $18.68   $22.56  FEB12C/FEB17C  $3.50  $4.50   $1.00  Closed
FTL   $18.50   $17.81  FEB15C/FEB20C  $1.50  $2.38   $0.87  Closed
LEVL  $38.00   $39.94  FEB30C/FEB35C  $3.25  $4.38   $1.12  Closed
LU    $107.87  $103.31 FEB105C/110C   $1.75  $3.25   $1.50  Closed
LUV   $26.06   $26.69  FEB22C/FEB25C  $1.25  $2.25   $1.00  Closed
LVLT  $44.19   $45.94  MER37C/MAR45C  $4.62  $5.00   $0.38   Open
OXHP  $20.06   $18.81  FEB17C/FEB20C  $1.38  $1.12  ($0.25)  Open
OXHP  $20.06   $18.81  FEB17C/FEB20C  $1.00  $1.12   $0.12   Open
QNTM  $24.87   $24.81  FEB22C/FEB25C  $1.25  $1.38   $0.12   Open
RHD   $17.68   $15.94  MAR15C/MAR17C  $1.12  $1.00  ($0.12)  Open
SCUR  $26.75   $26.50  FEB20C/FEB25C  $3.75  $3.38  ($0.38)  Open

A debit-spread is profitable if the value of the position exceeds
the initial cost of the spread when the play is closed. However,
because we track plays based on the current cost/value, potential
gains may not be reflected until both positions are closed.

DEBIT STRADDLES
***************
Stock   Pick     Last     Position   Debit  Value   G/L    Status

JMED   $35.19   $34.25   MAR35C/35P  $5.62  $4.62  ($1.00)  Open
NXTL   $29.68   $30.63     MAY30C    $0.00  $2.12   $2.12  Closed

A debit-straddle is profitable when the value of the position
exceeds the initial cost of the spread.

NEW PLAYS
*********
MRK - Merck Company Inc.  $139.00     *** Earnings Slam ***

Merck is the #1 drugmaker in the US and is tied for first in the
world with Glaxo Wellcome in prescription drugs. They develop
products for both humans and animals; almost two-fifths of its
sales come from treating ailments associated with American eating
habits, (high cholesterol, hypertension, and heart failure). In
addition, Merck has the top-selling US drugs for hypertension
as well as newer, promising drugs for AIDS treatment, male balding
and migraine headaches. Also under development is a new arthritis
drug.

The drug developer fell $7.31 on Friday after it said it will stop
testing its MK-869 drug for use as an antidepressant. The company
hoped to develop the drug, which it will still test as a treatment
for nausea in cancer patients, as a hedge against the impending
loss of 4 major patents in 2001. The split run (2/16/98, 2-1) may
have some effect but the SOR date is Monday (after the close) and
we see this one falling short of the sold strike in mid-February.

PLAY (conservative/credit spread):

BUY  CALL FEB-160 MRK-BL OI=3366 A=$1.25
SELL CALL FEB-155 MRK-BK OI=3539 B=$1.93
NET CREDIT TARGET=$0.81 ROI=19%

PLAY (bearish momentum only):

BUY  PUT FEB-150 MRK-NJ OI=885  A=$8.50
SELL PUT FEB-145 MRK-NI OI=1686 B=$6.00
NET DEBIT TARGET=$2.38 ROI(max)=110%

Chart = http://quote.yahoo.com/q?s=MRK&d=3m
*****

EMC - EMC Corp.  $98.50     *** Technical/Disparity Play ***

EMC Corp. and its subsidiaries design, manufacture, market and
support a wide range of storage-related hardware, software and
service products for the open systems, mainframe and network
attached information storage and retrieval system market. The
company is the #1 maker of many of these components. EMC markets
its memory products under the name Symmetrix. Other products let
users manage remote data and share information across networks of
different computers. EMC continues to broaden its product line,
strengthen alliances, and expand its global presence to create
more platform-independent systems.

We just like the chart and the small disparity for a (relatively)
free-money play.

PLAY (conservative/credit spread):

BUY  PUT FEB-75 EMC-NO OI=502  A=$1.12
SELL PUT FEB-80 EMC-NP OI=1157 B=$1.50
NET CREDIT TARGET=$0.50 ROI=11%

Chart = http://quote.yahoo.com/q?s=EMC&d=3m
*****

SKYT - Skytel  $26.38     *** Telecom ***

SkyTel Communications (formerly Mobile Telecom Tech.) is one of
the leading providers of worldwide wireless messaging services,
marketing primarily to business users. The company offers a wide
range of messaging services to its users. Subsidiary SkyTel Corp.
provides paging and messaging services including pagers, two-way
alphanumeric text messaging and two-way interactive messaging.
SkyTel also provides messaging services in in Central and South
America through its Mtel Latin America subsidiary. SKYT recently
added more specialized content to its information services with
the addition of Asian market updates, real-time stock quotes,
sports scores, company news, ski reports and horoscopes. Coverage
was initiated early this month by ABN AMRO with an "Outperform"
rating and we like the long-term outlook for the chart.

PLAY (conservative/long-term play):

BUY  CALL JUN-25 MMQ-FE OI=249  A=$4.75
SELL CALL FEB-25 MMQ-BE OI=3012 B=$2.38
NET DEBIT TARGET=$2.25 TARGET ROI=60%

PLAY (very conservative/debit spread):

BUY  CALL FEB-22.50 MMQ-BY OI=50   A=$4.38
SELL CALL FEB-25.00 MMQ-BE OI=3012 B=$2.38
NET DEBIT TARGET=$1.87 ROI(max)=33%

Note: In the long-term calendar spread, we are reducing the net
cost of the long option by the amount of credit from the sale of
the nearer-term option. If the near-term call expires worthless,
we will sell the MAR call to further reduce our debit. If your
short-term position is ITM on the last day of the strike, you
need to buy it back so that you DON'T have to exercise the long
term position. In that case, your long position is going up in
value also and on the last day of the strike period, the short
call will shrink down to intrinsic value so you should be ahead
in the play even after you buy it back.

Chart = http://quote.yahoo.com/q?s=SKYT&d=3m
*****

PLCM - Polycom  $26.75     *** Telecom ***

Polycom makes long-distance teleconferencing products for use on
regular telephone networks. The ShowStation data-conferencing
system enables people in different locations to view and edit
documents on a simultaneous, interactive basis. Its SoundStation
audio-conferencing system, provides two-way voice communication
without typical speakerphone distortion. Subsidiary ViaVideo
Communications offers ViewStation, a Web-based videoconferencing
system that features a voice-tracking camera. Reported awesome
earnings last week, net revenues grew 140% for the year to over
$100 million. Technically, an outstanding chart with some recent
support around $21 but it may need to consolidate before moving
higher. That will be just the thing we need to benefit from this
time spread.

PLAY (conservative/calendar spread):

BUY  CALL MAR-25 QHD-CE OI=0   A=$4.38
SELL CALL FEB-25 QHD-BE OI=163 B=$3.15
NET DEBIT TARGET=$1.00 TARGET ROI=40%

Chart = http://quote.yahoo.com/q?s=PLCM&d=3m
*****

NRC - NAC RE Corp  $48.56     *** Technical Time Spread ***

NAC Re is a holding company whose subsidiaries offer property and
casualty reinsurance. Subsidiaries NAC Reinsurance, Greenwich
Insurance Company, Indian Harbor Company, and NAC Re International
Holdings provide both treaty reinsurance for categories of risk
and facultative individual risk reinsurance to primary insurers of
casualty risk. Most U.S. commercial property-casualty insurers,
battered by an unrelenting price war and increases in catastrophe
losses, were expected to post flat to lower earnings in the fourth
quarter. This may also be the case for NRC but we think the stock
price will hold near the current range for the next few weeks.
Technically, NRC is making feeble attempts to break-out of it's
stage III top but with little volume support. Its 150 dma is the
current resistance (around $49) with support around $45. It will
take some work to exit the current sideways trend and that's just
what we need to make this play profitable.

PLAY (conservative):

BUY  CALL MAR-50 NRC-CJ OI=160 A=$4.87
SELL CALL FEB-50 NRC-BJ OI=289 B=$3.62
NET DEBIT TARGET=$1.00 TARGET ROI=50%

Chart = http://quote.yahoo.com/q?s=NRC&d=3m
*****

CNTO - Centocor  $39.93     *** Butterfly Spread ***

Centocor makes therapeutic, diagnostic drugs for cardiovascular
problems, cancer and other diseases. Three of their products are
approved for sale in the US: ReoPro prevents blood clots during
angioplasty, Remicade treats the bowel disorder Crohn's disease
(and is being tested for efficacy against rheumatoid arthritis),
and Panorex treats cancer. ReoPro is sold in the US and Europe by
Eli Lilly. Centocor's drug Avakine is in the final US testing
stages for treatment of Crohn's disease. The company owns the US
and Canadian marketing rights for Retavase, a cardiovascular drug
developed by Roche Holding. Centocor is also selling its oncology
diagnostics business to focus on therapeutics.

Recently, Morgan Stanley Dean Witter cut its rating on the firm
to "outperform" from "strong buy" and adjusted its 12-month price
target to $51 per share from $62 per share. We think that's a bit
optimistic as CNTO has been trading around $35 to $45 for almost
two years and has a very long term base with no immediate signs of
a significant character or trend change. The volatility of the
holiday bull-run seems to have dissipated and the sideways trend
is now resuming. We are going to start this play as a "butterfly"
but plan to roll-out of each spread as the stock price moves about
the $40 range.

PLAY (conservative/long-term):

BUY  CALL  APRIL-35 COQ-DG OI=364  A=$7.50
SELL CALLS APRIL-40 COQ-DH OI=507  B=$4.38
BUY  CALL  APRIL-45 COQ-DI OI=1227 A=$2.68
NET DEBIT TARGET=$1.00 TARGET ROI=50%

The butterfly spread is generally a neutral position that is
a combination of both a BULL spread and a BEAR spread. This
spread is designed primarily for the stock that will not
experience much of a net rise or decline by expiration. It
generally requires only a small investment and has a limited
risk but profits are limited as well. It can also be costly
in terms of commissions so you should consider playing these
combination strategies with a low cost (discount) broker.

There are three strike prices involved in a butterfly spread.
With calls, (and it can also be done with puts) the butterfly
spread consists of buying one call at the lowest strike price,
selling two calls at the middle strike price and buying one
call at the highest strike price. Next week, we will run the
complete strategy narrative again to help the beginning traders
with the technique.

Chart = http://quote.yahoo.com/q?s=CNTO&d=3m

INDEX OPTION SPREADS
********************
As a trader, you may be familiar with options on individual stocks
where you have the right to buy (call option) or the right to sell
(put option) a particular stock at some predetermined price within
some predetermined time. The buyer has the rights and the seller
the obligations. With index options the basic ideas are the same.
Index options allow you to make investment decisions on a specific
market industry or on the market as a whole. Spread strategies can
be made with index options similar to those made with individual
stock options. Many professional traders employ index spreads as a
hedge strategy. We favor debit positions on the SPX for momentum
and longer-term plays and OTM credit spreads on the OEX when the
risk/reward is favorable. Low ROI disparity spreads will be listed
(when available) for the conservative index trader.
*****

OEX - S&P 100 Index  $610.38     OTM Credit-Spreads

The Standard & Poor's 100 Index is a capitalization-weighted index
of 100 stocks from a broad range of industries. The component
stocks are weighted according to the total market value of their
outstanding shares. The impact of a component's price change is
proportional to the issue's total market value, which is the share
price times the number of shares outstanding.

OBSERVATIONS:

For OTM credit spread trades, we like to use the actively-traded
S&P 100 Index options because they contain much more premium than
options on individual stocks and provide an underlying instrument
less prone to huge, gapping moves. Remember however, that you can
always be exercised early so monitor your positions daily.

TECHNICALS:

While the overall market seems likely to remain in a wide trading
range over the next few weeks, the probabilities are quite strong
that we have reached a short-term top and the current outlook is
somewhat unfavorable. The DOW has found some support just above a
key level around 9085 and a close below that number confirmed by
a S&P 500 close below 1205 would signal a more serious correction.
The long-term pattern is in a neutral but weakening condition with
the NYSE survey starting to slip and the NYSE momentum index at
its worst level in years. Review the Pinnacle Hedge-Section for
more specific technical information on the S&P 100 Index.

PLAY (very conservative/disparity-low ROI):

BUY  PUT FEB-550 OEW-NJ OI=3944 A=$4.50
SELL PUT FEB-555 OEW-NK OI=1265 B=$4.87
NET CREDIT TARGET=$0.38 ROI=8%

PLAY (conservative/bearish):

BUY  CALL FEB-670 OEY-BN OI=6374 A=$1.19
SELL CALL FEB-660 OEY-BL OI=6738 B=$2.12
NET CREDIT TARGET=$0.93 ROI=10%

PLAY (aggressive/bullish):

BUY  PUT FEB-565 OEW-NM OI=2357 A=$6.38
SELL PUT FEB-570 OEW-NN OI=3851 B=$7.25
NET CREDIT TARGET=$0.87 ROI=21%

CHART= http://quote.yahoo.com/q?s=oex&d=b????HOW TO SUBSCRIBE?****************??We would like to have you as a subscriber. You may subscribe?at any time but your subscription will not start until your?free trial is over.??The monthly subscription price is 39.95?The quarterly price is $99 which is $20 off the monthly rate.??To subscribe you may go to our website at??www.optioninvestor.com??and click on "subscribe" to use our secure credit?card server or you may simply send an email to?"subscribe@optioninvestor.com" with your?credit card information,(number, exp date, name)?or you may call us at 303-797-0200 and give us the?information over the phone.??You may also fax the information to: 303-797-1333??*****??PLEASE SEE DISCLAIMER IN SECTION ONE??*****???


---------------------- Forwarded by Hunter S Shively/HOU/ECT on 01/23/2001
10:52 AM ---------------------------

Jacqueline Coleman@ENRON
01/22/2001 11:22 AM
To: Richard Causey/Corp/Enron@ENRON, Mark E Lindsey/GPGFIN/Enron@ENRON, Sally
Beck/HOU/ECT@ECT, Craig Breslau/HOU/ECT@ECT, Cedric Burgher/Corp/Enron@ENRON,
Rick L Carson/HOU/ECT@ECT, Edward Coats/Corp/Enron@ENRON, Brent A
Price/HOU/ECT@ECT, Hunter S Shively/HOU/ECT@ECT, Christie
Patrick/HOU/ECT@ECT, Stan Dowell/HOU/EES@EES, Elizabeth
Atkinson/Corp/Enron@ENRON, Jay Boudreaux/HOU/ECT@ECT, Marshall
Eubank/HOU/ECT@ECT, Mary Lynne Ruffer/HOU/ECT@ECT, Lanette
Earnest/Corp/Enron@ENRON, Michael Howe/HOU/EES@EES, Jim
Cole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sarah Goodpastor/Enron
Communications@Enron Communications, Brandon Neff/HOU/EES@EES, Christopher
Coffman/Corp/Enron@Enron, David Yang/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Obed De La Cruz/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Leon
Branom/Corp/Enron@ENRON, Ilan Caplan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Christopher Chenoweth/NA/Enron@Enron, Kim Chick/HOU/EES@EES, Marcus
Edmonds/HOU/EES@EES, Zeina El-Azzi/Corp/Enron@ENRON, Victor
Guggenheim/HOU/ECT@ECT, Kreg Hall/HOU/ECT@ECT, Mason Hamlin/HOU/ECT@ECT,
Shilpa Mane/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Zal Masani/Enron
Communications@Enron Communications, Zachary McCarroll/Enron
Communications@Enron Communications, Luis Mena/NA/Enron@Enron, Christine
Milliner/FGT/Enron@Enron, Chetan Paipanandiker/HOU/ECT@ECT, Catherine
Pernot/NA/Enron@ENRON, Lauren Schlesinger/HOU/EES@EES, Susan M
Scott/HOU/ECT@ECT, Rahul Seksaria/Corp/Enron@ENRON, Michael Simmons/Enron
Communications@Enron Communications, Millie Gautam/HOU/EES@EES, Sachin
Gandhi/NA/Enron@Enron, Bilal Bajwa/NA/Enron@Enron, Amanda
Schultz/NA/Enron@Enron, Rachana Iyengar/HOU/EES@EES, Travis
Hansen/HOU/EES@EES, Felipe Ospina/NA/Enron@ENRON, Ann
Sanchez/Corp/Enron@ENRON, Irina Nekrasova/HOU/EES@EES, Jeremy Lo/HOU/EES@EES,
Karen Myer/GPGFIN/Enron@ENRON, Sharron Westbrook/Corp/Enron@ENRON, Chantelle
Villanueva/HOU/ECT@ECT, Patti Thompson/HOU/ECT@ECT, Darlene
Regan/HOU/EES@EES, Mike Deville/HOU/ECT@ECT, Ami Thakkar/NA/Enron@ENRON, Beth
Apke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Lexi Elliott/NA/Enron@Enron
Subject: UT Recruiting Schedule -- Please Mark Calendars Accordingly

Greetings UT Team!
Congratulations on a successful fall!  Of the 31 full-time offers we
extended, 16 have accepted, 8 have declined, and 7 are still outstanding.
Those outstanding are:  Michael Morris, Irfan Iqbal, Doug Epperson, David
Eastlake, Daniel Jenkins, and Brian Kanatzar, so please feel free to call and
cultivate these candidates!  Their deadline to accept is January 23, 2001.

We are now moving on to Summer Intern Recruiting.  I have made the following
assignments with the review and approval of Rick Causey.  If you are unable
to attend the event for which you are scheduled, please find a replacement
and let me know as soon as possible.  I will assume that everyone is
attending their assigned event unless I am told otherwise.

January 30, 8:00 PM: Net Impact Company Night - Jim Cole, Travis Hansen

January 31, 6:00 PM: Beta Alpha Psi Company Night (discussion topic:  Working
in Industry)  - Leon Branom, Jim Cole

February 6, 2:30 PM: Liberal Arts Intern Hour - Ami Thakkar

February 7, 12:00 - 5:00 PM: UBCA Career Fair - Luis Mena, Felipe Ospina,
Millie Gautam, Catherine Pernot

February 12, 7:00 PM: Pre-Interview Reception - Brent Price, Hunter Shively,
Darlene Regan, Cedric Burgher, Michael Howe, Stan Dowell, Beth Atkinson, Beth
Apke, Jim Cole, Kim Chick

February 13, 8:30 AM: Round 1 Interviews - Brent Price, Hunter Shively,
Darlene Regan, Cedric Burgher, Michael Howe, Stan Dowell, Beth Atkinson, Beth
Apke, Jim Cole, Kim Chick

February 14, 8:30 AM: Round 2 Interviews -  Rick Causey, Mark Lindsey, Mike
Deville, Sally Beck, Zac McCarroll

February 20, 6:00 PM: Engineering Route to Business Presentation - Stan
Dowell, Zeina El-Azzi

February 22, 4:00 PM: UT Business Passion Panels - Millie Gautam, Leon Branom

If any of you have questions or need additional information, or if you are
interested in volunteering for an event, please call me at 3-4585 or Jackie
Coleman at 5-4070.  You will receive detailed event sheets as we get closer
to each event.  Thanks again to everyone who helped make this Fall such a
success!

lexi
3-4585


i will breing several cigars to keep me calm
5 1/5 over under is done

i forgot is an iron ok on 11also

that would be 1 , 11, & 17

 -----Original Message-----
From: 	"Kevin" <klyn@pdq.net>@ENRON [mailto:IMCEANOTES-+22Kevin+22+20+3Cklyn+40pdq+2Enet+3E+40ENRON@ENRON.com]
Sent:	Wednesday, August 01, 2001 11:00 AM
To:	Quigley, Dutch
Subject:	Re: Re:

Ok, 6 is the final offer.  It is Brock afterall.

----- Original Message -----
From: <Dutch.Quigley@enron.com>
To: <klyn@pdq.net>
Sent: Wednesday, August 01, 2001 10:37 AM
Subject: RE: Re:

> that means i have to hit 50 %
> this is not the pro am bitch
>
> what was the original bet 5 1/5 i would go with that
>
>
>
>
>     -----Original Message-----
>    From:   "Kevin" <klyn@pdq.net>@ENRON
>
[mailto:IMCEANOTES-+22Kevin+22+20+3Cklyn+40pdq+2Enet+3E+40ENRON@ENRON.com]
>
>
>    Sent:   Wednesday, August 01, 2001 10:33 AM
>    To:     Quigley, Dutch
>    Subject:  Re: Re:
>
>    your nuts...
>
>    will start with 7 as the magic number
>
>    ----- Original Message -----
>    From: <Dutch.Quigley@enron.com>
>    To: <klyn@pdq.net>
>    Sent: Wednesday, August 01, 2001 10:13 AM
>    Subject: RE: Re:
>
>
>    > i have never counted but i would say around 5 on the first cut
>    >
>    >     -----Original Message-----
>    >    From:   "Kevin" <klyn@pdq.net>@ENRON
>    >
>
[mailto:IMCEANOTES-+22Kevin+22+20+3Cklyn+40pdq+2Enet+3E+40ENRON@ENRON.com]
>    >
>    >
>    >    Sent:   Wednesday, August 01, 2001 10:08 AM
>    >    To:     Quigley, Dutch
>    >    Subject:  Re: Re:
>    >
>    >    How many do you hit on a regular basis?
>    >
>    >    ----- Original Message -----
>    >    From: <Dutch.Quigley@enron.com>
>    >    To: <klyn@pdq.net>
>    >    Sent: Wednesday, August 01, 2001 9:58 AM
>    >    Subject: Re:
>    >
>    >
>    >    > So how many fairways to keep the beaver ?
>    >    >
>    >    > And I can use an iron on 1 and 17
>    >    >
>    >    >
>    >    >
>    >    >
>    **********************************************************************
>    >    > This e-mail is the property of Enron Corp. and/or its relevant
>    >    affiliate
>    >    and may contain confidential and privileged material for the sole
>    use
>    of
>    >    the
>    >    intended recipient (s). Any review, use, distribution or
disclosure
>    by
>    >    others is strictly prohibited. If you are not the intended
>    recipient
>    (or
>    >    authorized to receive for the recipient), please contact the
sender
>    or
>    >    reply
>    >    to Enron Corp. at enron.messaging.administration@enron.com and
>    delete
>    >    all
>    >    copies of the message. This e-mail (and any attachments hereto)
are
>    not
>    >    intended to be an offer (or an acceptance) and do not create or
>    evidence
>    >    a
>    >    binding and enforceable contract between Enron Corp. (or any of
its
>    >    affiliates) and the intended recipient or any other party, and may
>    not
>    >    be
>    >    relied on by anyone as the basis of a contract by estoppel or
>    otherwise.
>    >    Thank you.
>    >    >
>    **********************************************************************
>    >
>    >
>
>


I read the chapter. Generally,
I like it, and find it non-controversial
and well written. Of course, this is
a huge topic and there are things
that you haven't discussed.

I thought the amount of attention
paid to OLS and MLE estimation
was a bit overboard, given that you
didn't really exploit it in your
results. If you were to state
the likelihood function for
the GARCH model, it might justify
the amount of attention to
gave to estimation for
simple iid processes, which could then
be thought of as a simple lead-in
and intuition builder to
the more interesting models that
you do actually use.

By the way, in your discussion of
smiles, you discuss fat tails
extensively. At least for equity markets,
while fat tails contribute, they don't do very
much at all compared to the effect
of risk premia, which you allude to briefly,
using supply-demand language, at the
end of that section.

For the impact of risk premia, see
Jun Pan's paper, which is available
from her web page. But she covers
only SP500, (as do most studies),
and your markets are obviously much different.

The chapter will be a good service to your readers!

Best, Darrell

> X-Lotus-FromDomain: ECT
> From: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> To: Darrell Duffie <duffie@Stanford.EDU>
> cc: "Grant Masson" <Grant.Masson@enron.com>, "Vince J Kaminski"
<Vince.J.Kaminski@enron.com>
> Date: Wed, 16 Aug 2000 16:37:53 -0500
> Subject: Re: Full version
> Mime-Version: 1.0
> Content-Disposition: inline
> X-UIDL: 00453eda98c82d709e6123af537e4f63
> X-Keywords:
>
>
>
> Darrell,
>
> Thanks a lot. I really appreciate it. The text is below our usual
> standards but we are completely swamped with work here.
>
> Vince
>
>
>
>
>
>
>
> Darrell Duffie <duffie@Stanford.EDU> on 08/15/2000 04:54:23 PM
>
> Please respond to Darrell Duffie <duffie@Stanford.EDU>
>
> To:   Vince.J.Kaminski@enron.com
> cc:
> Subject:  Re: Full version
>
>
> I'll have a look!
>
> I haven't much time, but can certainly
> get you a quick reaction, at least!
>
> Best, Darrell
>
>
> > X-Lotus-FromDomain: ECT
> > From: "Vince J Kaminski" <Vince.J.Kaminski@enron.com>
> > To: duffie@Stanford.EDU
> > Date: Thu, 10 Aug 2000 14:04:47 -0500
> > Subject: Full version
> > Mime-Version: 1.0
> > Content-Disposition: inline
> > X-UIDL: 9fef7462afa5d4ee6c04c9c02df71b25
> > X-Keywords:
> >
> >
> >
> > Darrell,
> >
> > Grant just alerted me that I sent you only  part of the text.
> >
> > Here is the full chapter with an aged version of Gran't part.
> > What I sent you represents an update of his contribution.
> >
> > Sorry for that.
> >
> > Vince
> >
> >  (See attached file: vol0720.DOC)
>
> _____________________________________________
> Darrell Duffie
> mail  GSB Stanford CA 94305-5015 USA
> phone 650 723 1976
> fax   650 725 7979
> email duffie@stanford.edu
> web   http://www.stanford.edu/~duffie/
> _____________________________________________
>
>
>
>
>
>
>

_____________________________________________
Darrell Duffie
mail  GSB Stanford CA 94305-5015 USA
phone 650 723 1976
fax   650 725 7979
email duffie@stanford.edu
web   http://www.stanford.edu/~duffie/
_____________________________________________


ENRON OFFERS TO FINANCE AZURIX BUYOUT AT $7/SHR
10/27/0 13:44 (New York)

     (The following is a reformatted version of a press release issued by
Azurix
Corp.)

AZURIX CORP. RECEIVES PROPOSAL FROM ENRON CORP. TO FINANCE AZURIX PUBLIC SHARE
BUY-OUT

     HOUSTON - Azurix Corp. announced today that its Board of Directors has
received a proposal from Enron Corp. to provide funding to take Azurix private
at a buyout price of $7.00 per share. The specific structure of the proposal
has
yet to be determined. Azurix is filing today a copy of the proposal with the
U.S. Securities and Exchange Commission as an exhibit to a Form 8-K.
     Azurix Corp. (www.azurix.com) is a global water company that owns,
operates
and manages water and wastewater assets, provides water and wastewater related
services, and develops and manages water resources. Azurix offers e-business
solutions in the areas of procurement, engineering and design, water supply
and
storage and billing and collections. Azurix is listed on the Russell 2000 U.S.
equity index. Its stock is traded on the NYSE under the ticker symbol, "AZX."

(bh) PN
-0- (CRL) Oct/27/2000 17:44 GM

Enron Offers to Lend $275 Mln to Take Azurix Unit Private
10/27/0 13:38 (New York)

Enron Offers to Lend $275 Mln to Take Azurix Unit Private

     Houston, Oct. 27 (Bloomberg) -- Enron Corp., the world's
largest energy trader, offered to provide $275 million in
financing to take Azurix Corp., its struggling water affiliate,
private.
     The proposal would let Azurix buy back shares from private
investors at $7 apiece, a 96 percent premium to yesterday's
closing prices for the Houston-based company, Enron said.
     Azurix would buy back one-third of company. Enron already
owns a third of the water company it created two years ago, and
controls another third through an investor group called Atlantic
Water Trust.
     Azurix shares have fallen more than 80 percent since Enron
took the company public last year as part of a plan to exploit an
expected boom in water treatment projects worldwide.
     Rebecca Mark, once considered in line for the chief
executive's post at Enron, resigned in August as Azurix's chairman
and chief executive because of the company's poor performance.
     Shares of Azurix halted trading at $3.94 on the New York
Stock Exchange today. They've fallen from a high of $23.88 in July
1999. The company now has a market capitalization of $462 million.
    Shares of Houston-based Enron rose 88 cents to $77.38 in early
afternoon trading.

--Margot Habiby in Dallas (214) 740-0873, or
mhabiby@bloomberg.net, through the Princeton newsroom (609) 279-
4000/alp

Story illustration: To see the breakdown of Enron's annual sales,
see {ENE US <Equity> DES6 <GO>}.


Subject: King Ranch Gas Plant- 12/2000 Election

HPL has elected to be kept whole with respect to processing during the month
of December 2000 on its gas delivered from the Three Rivers Gathering
System.  There should be no reduction for shrinkage and fuel at the plant for
December 2000.

HPL will be kept whole with respect to ethane recoveries from the Big Cowboy
gas being processed at the King Ranch Gas Plant during the month of December
2000.  This election will reduce the shrinkage percentage from 20% of the
inlet MMBtu's to 15% of the inlet MMBtu's.

If you have any questions please give me a call.

Thanks!

Blanca


----- Forwarded by Elizabeth Sager/HOU/ECT on 08/01/2000 09:51 AM -----

	ppantano@mwe.com
	07/25/2000 11:57 AM

		 To: Elizabeth Sager/HOU/ECT@ECT
		 cc:
		 Subject: Allowances

Dear Elizabeth:

     How are you?  You still owe me one for missing my panel last October!
We've been doing some work for EBS, which has been very interesting.

     We have a client that is interested in trading SO2 and NOX allowances
with
you guys.  I would appreciate it if you would send me copies of the agreements
you use so I can forward them to our client.  Thanks.

     Regards, Paul

Paul J. Pantano, Jr.
McDermott, Will & Emery
600 13th Street, N.W.
Washington, DC 20005
Ph:    (202) 756-8026
Fax:  (202) 756-8087
Email:  ppantano@mwe.com

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

This message is a PRIVATE communication.   If you are not the intended
recipient, please do not read, copy, or use it, and do not disclose it to
others.  Please notify the sender of the delivery error by replying to this
message, and then delete it from your system.  Thank you.
******************************************************************************
*******


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I will be there, just let me know when and where.   Cvb

 -----Original Message-----
From: 	Hayslett, Rod
Sent:	Tuesday, October 23, 2001 8:39 AM
To:	Barnes, Caroline
Subject:	FW: How are we doing and what are my issues meeting?
Importance:	High

I missed you again.    Sorry.   Its for the am, can you make it?

 -----Original Message-----
From: 	Hayslett, Rod
Sent:	Monday, October 15, 2001 5:46 PM
To:	Anderson, Michael; Piro, Jim; Lindholm, Tod A.; Sommers, Jeffrey E.; Peters, Jerry; Saunders, James; Geaccone, Tracy; Norris, Michael; Marlow, Keith; Gilbert, Steve; Keiser, John; Ratner, Michael; Clayton, Lawrence
Cc:	Campos, Kathy
Subject:	How are we doing and what are my issues meeting?
Importance:	High

I would like to have a meeting on October 31st (maybe later if that date won't work), either in the AM or the PM, but probably about 3 hours or so.    I would like to discuss organizations and how we are going to provide the support the EGS organization requires both at Stan's level and at each level in the organization.    I would also like to discuss the top 3-5 concerns you have for your business and your people.   You should decide if there are people in your organization that are needed to discuss basic functions of Planning, Accounting, Finance and Tax and feel free to include them in this process, but I would like to keep the group to Director level or above.    Please let Kathy know who they are.    I would like to know if you are available or have a preference for morning or afternoon.

Thanks.

Rod Hayslett
EB4054
713-853-6178


Dear Daren,

Thank you for shopping at CDNOW.
This email is to confirm your order number 21424229.

To check the status of this order or to make any changes, click or
copy/paste this link into your Web browser:

http://cdnow.com/myorder/otid=21424229

You can also access your Order History directly from our home page.

You have ordered the following item:

     Fats Domino : 50 Greatest Hits (CD)

This will ship via U.S. Postal Service.

The shipping address for this order is:

  Daren Farmer
  5519 Clarkston Ln
  Spring, TX  77379

Your order total is $28.98.

Please do not reply to this email.  If you have questions about your
order that are not addressed in your online Order History, please visit
our Contact CDNOW page using this link:

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This order is worth 270 Fast Forward Rewards(TM) program
points.  These "Points Pending" will appear in your Membership Summary as
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Thanks again for shopping at CDNOW.

Sincerely,
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Never Miss A Beat.

CDNOW, Inc.
http://cdnow.com
AOL Keyword: cdnow

1757978


Thanks very much, Laura.  If it's appropriate, I would like to attend?  Just
let me know.  Thanks very much.

Best,
Jeff


Brad, further to our conversation of yesterday morning, please find attached
Enron's payout table and alternative payout table regarding the permanent
assignment of PGT capacity.

The onus will be on Enron to deliver long dated capacity to Calpine and we
will begin working on this immediately.

Below is a summary of some of the key next steps. Please review and we can
discuss on Monday the numbers and final steps as required.

ENA and Calpine will formalise  % discount, volume grid, lump sum $ amount or
annuity amount.
As discussed our cost of funds implied will be LIBOR + 200 basis points. ( to
be confirmed ).
ENA will raise a precedent agreement with option language in favor of Calpine
which allows you to request that the period 2 volume  be no less than the
period 1 volume and up to the total delivered volume of 67,500 based on the
agreed to % discount as referenced in point #1.
ENA will forward the draft precedent agreement which will include the
necessary conditions precedent required and with the general commercial terms
as agreed per items above (ETA - Tues/Wed).
ENA will provide a bid to Calpine on Monday afternoon with a number on the
Spark Spread proposal.
Contact name @ Trans Canada and ANG is Kay Coad Ph: 403-267-2480.

I trust the information as provided above is consistent with our previous
discussions.  Please contact me once you have had a chance to review.

Regards,

BT


David J. Beck
Joe W. Redden
Ronald D. Secrest


--------- Inline attachment follows ---------

From:  </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JPARKS>
To: gregswidensky@duke-energy.com
Date: Thursday, March 28, 2002 9:30:12 GMT
Subject:

Sorry, Just a little late.

-----Original Message-----
From: Veariel, Robin
Sent: Thursday, March 28, 2002 3:28 PM
To: Parks, Joe
Subject: Wire Confirmation

here ya go!   give them the Fed # of 5765.

Robin

03/28/02            FINANCIAL STATUS FOR     03/28/02  16:26         PAGE   8
ACCOUNT:  40781075      ENRON N.A. CORP-ENA CASH SRV

30208746126 SAME DAY DR TRANSFER                  293,543.25
            GID:LCT20873484800
            FED20020328B1Q8024C005765
            USER REF:S053022000157645
            REF:      S053022000157645
            ORDER:    ENA CASH SERVICES
            CR BK ID: 021000021
            CR BK:    JPMORGAN CHASE BANK FORMERLY CHASE
             MANHATTAN BANK,N.A NEW YORK, NY 10004
            BENEF:    9102771343 DUKE ENERGY FIELD SERVI
            CES INC ACCT 910 2 771343 DENVER, CO US 8020
            2
            DETAILS:WT0328 DUKE DEC.INVOICECONTRACT
            2020405,DEALID S ENRONNA0037 S0530
            INSTRUCT DATE:03/28/02 ADVICE TYPE:MAIL

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


Tom,

I got sick and had to reschedule the meeting with Nick Bambos.
I shall meet him on Saturday this week. I shall talk to him about the
following:

1. Financing research projects by graduate students ($100K per year, spread
over several projects)
2. Inviting Nick to visit Enron
3. I can mention the possibility of Nick consulting for us. Given his status,
involvement in the Internet2 project,
and views that closely parallel Enron's vision, it makes sense to have him
working for us. He could
be a very effective voice supporting our initiatives.

Please, let me know what you think.

Vince


FYI, Kim.

 -----Original Message-----
From: 	Stanton, Lon
Sent:	Wednesday, July 25, 2001 2:41 PM
To:	Miller, Mary Kay; Neubauer, Dave; Miller, Kent; Talcott, Jim; Porter, Gregory J.; Dornan, Dari; Pavlou, Maria; Fowler, Bill; Semin, Frank; Lagerstrom, Karen; Sebesta, Chris; Penkava, Loren; Barry, Mike; Bollinger, Joni; Lantefield, Laura; Stevens, Bob; Johanson, Tim; Berg, Vicki; Valley, Lisa; Kirk, Steve; Darveaux, Mary; Petersen, Keith; Hass, Glen; Loeffler, Michael; Wilson, Rob; Kilmer III, Robert; Dushinske, John; Jensen, Beth; Shepherd, Richard; Fonda, Bill; Bowers, Janet; Oldenhuis, Frank; Harris, Steven; Watson, Kimberly
Subject:	State Unbundling

Attached for your information is an updated report on the status of state natural gas unbundling activities in ETS' service territory.

To make it easer to navigate there are hyper-links between the table of contents and each state section.

More recent information (since July 1999) is in bold type.


Sara,

I've had 2 swaptions sitting on my desk for a month!!!  AIGGG.  They are
American style swaptions, and I wasn't sure how to document that.  I'll be
calling you tomorrow to discuss.


Here's everything that flows from 5/1/01 forward.

   Carol St Clair                05/25/2001 12:01 PM

To: Rhonda L Denton/HOU/ECT@ECT
cc:
Subject: Re: Form of Letter of Credit

We need to include all outstanding transactions.  Thanks.

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

	Rhonda L Denton
	05/25/2001 11:45 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Re: Form of Letter of Credit

Do you want 6/1/01 and forward or do you want to include all of May since
they have not been settled?  Just let me know and I can send you a new
attachment.

   Carol St Clair                05/25/2001 10:56 AM

To: Rhonda L Denton/HOU/ECT@ECT
cc: lemelpe@nu.com
Subject: Re: Form of Letter of Credit

Rhonda:
Does Attachment A to the Select EEI Master need to be updated or is the
version that you sent to me the current version?

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 05/25/2001 10:54 AM -----

	lemelpe@NU.COM
	05/25/2001 10:44 AM

		 To: Carol.St.Clair@enron.com
		 cc: moonevw@selectenergy.com, morisjr@selectenergy.com
		 Subject: Re: Form of Letter of Credit

Carol - I think Valerie Mooney (our credit person) and Ed Sacks are still
discussing some minor fine tuning of the LOC format.  I spoke to Bob Bruce
this morning - we're all set on the language in the Schedule to the ISDA,
and there is a minor credit/billing issue in Paragraph 13 related to the
timing of transfer of interest on collateral that Val will discuss with Ed
as well.  As far as the EEI goes, the only remaining issue that I'm aware
of (aside from finalizing the LOC) is whether we've finished coordinating
the Attachment containing the list of prior transactions.  Sounds like we
may actually get these documents executed early next week.

Phyllis Lemell


print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 11/07/2000
10:46 AM ---------------------------

Daniel Reck
10/31/2000 04:31 PM
To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, George
McClellan/HOU/ECT@ECT
cc:
Subject: The Way Forward

Now I know why God made lawyers!  Below is Kevin Liss' latest analysis.  His
main thesis is that there is a huge return available to the company that will
take the tax risk.  We just have to find that company.

--Dan

---------------------- Forwarded by Daniel Reck/HOU/ECT on 10/31/2000 04:07
PM ---------------------------

Kevin Liss@ENRON
10/31/2000 02:24 PM
To: Daniel Reck/HOU/ECT@ECT, Tim Proffitt/HOU/ECT@ECT
cc: Stephen H Douglas/HOU/ECT@ECT
Subject: The Way Forward

Dan, in response to your question yesterday, it should still be possible to
get a structural ruling from the IRS along the lines that Deutschebank (DB)
had contemplated.  In that respect, last week's IRS announcement leaves
things unchanged.

That's the good news.  However, in light of last week's IRS announcement, DB
is unlikely to be able to get the new ruling that they desired confirming
Pacificorp's existing letter rulings, which they have told us was critical to
them.  It would appear then that the Pacificorp deal is a non-starter from
their perspective, at least based upon the present plan of operations.  Tim,
is it at all possible that DB would be willing to drop their demand about
going back for a confirming letter ruling as long as the Pacificorp
facilities are processing at least some percentage of coal fines with their
run-of-mine coal, consistently with their existing rulings?  I doubt it, but
if not, we need to know so that we can move on and think about other ways to
do a coal deal with Pacificorp.  I believe that Pacificorp still needs to
unload their facilities, and they may still be able to leverage off of their
existing rulings, which are still valid and have not been revoked by the IRS.

Without a deal with DB, what are our options now?

First, it is important to recognize that we still have options.  The IRS has
not killed synfuel.  There has not been any change in the substantive law.
Last week's announcement was just that -- an announcement of the IRS's point
of view.  The news is that the IRS is getting out of the business of issuing
private letter rulings to private taxpayers in the synfuel business, which
has been an important source of comfort to many investors, but not
necessarily vital.  Deals get done all the time without the benefit of having
a private letter ruling from the IRS (generally in reliance on an opinion of
outside counsel).  We just need to think in terms of what the landscape looks
like in the absence of getting a new ruling.

One approach would be to follow through with our plans for Pacificorp's
facilties, meaning we would relocate them, and continue running run-of-mine
coal, the IRS be damned, and just find an equity player with a greater risk
profile than Pacificorp.  In short, we would need companies who are willing
to rely on Pacificorp's existing rulings, period (along with an appropriate
indemnity).   It seems to me that if the price is right, someone ought to be
willing to step up.   While the risk is now greater, the potential returns
are potentially mind-blowing, and an equity player ought to be able to get an
opinion of outside counsel vouching for the viability of the credits,
notwithstanding the IRS' current view of the law.  It seems to me that this
is the only approach that makes sense.

Alternatively, Pacificorp's facilities could revert back to being a pure coal
fine processing facilities in an atttempt to conform with the IRS's recent
announcement.  The IRS announcement implicitly endorses facilities that
process "waste coal fines," so such facilities could still qualify for new
private letter rulings.  The IRS announcement defines the term "waste coal
fines" very vaguely, not specifying either the coal size, or what it is that
makes coal fines properly viewed as "waste" coal fines.  If you think in
lawyerly terms and try to deconstruct the literal language they use in their
announcement, I can envision that Enron could synthetically create "waste"
coal fines by rewriting some of our coal supply contracts with utility
customers to provide for the sale of only coal of 3/4 inches or greater,
resulting in a residual category of "unwanted" coal that we could separately
market to synfuel plants as "waste" coal fines.  In other words, they could
be fairly described as "waste" insofar as another coal customer specifically
excluded it from their contract.  In addition, the IRS announcement does not
require a waste coal fine processing facility to pelletize its output, as
some commontators had feared, which is a helpful development because the
pelletizing process would be a tremendous drag on capacity.

However, there are real difficulties with this approach.  First, the relevant
language in the IRS announcement defining "waste coal fines" is not real
statutory law.  It is basically just an IRS policy statement, meaning that we
cannot bind the IRS to it.  So the opportunity for gamesmanship over the
IRS's choice of language is much more limited than it would be if this were
statutory law.  Also, Price Manford has reported to me that what the IRS
really has in mind in terms of what is acceptable to them as bonafide waste
fines is fines from true waste ponds.  Even if the taxpayer can argue over
the meaning of the term "waste" fines, the IRS can stick to their
understanding of the term, at least for the sake of deciding whether to issue
a new ruling.  In short, the IRS may not be willing to give a new ruling
based on a coal fines facility that does not process the truly 3 or 4% waste
fines incidental to mining operations.  If you are not going to be able to
get a new ruling anyway, what's the point of going back to being a coal fine
processing facility?

But there is another more fundamental problem to the latter approach.
Pacificorp already has good private letter rulings that bless coal fines
generally (i.e., not merely "waste" coal fines) as well as run-of-mine coal.
Why would anyone want to go back to the IRS to get a new ruling that is more
restrictive than the ones that they already have?  That is truly putting
value at risk.

In my view, the best deal for Pacificorp would be to market their existing
rulings as essentially "above market" rulings, insofar as they go farther
than the IRS currently allows, giving them a competitive advantage over other
synfuel operators who never got a ruling.  It seems to me that if they can be
persuaded to lower their price expectations in light of the new landscape,
since a new equity player is going to have to bear real risk, then we may
still have an opportunity to do a synfuel deal.

Kevin Liss
x58601


http://www.AdvisorTeam.com
go here take the test


---------------------- Forwarded by Craig Breslau/HOU/ECT on 12/20/2000 03:04
PM ---------------------------

"Kilby, Daniel" <KilbyD@kochind.com> on 12/15/2000 08:45:45 AM
To: "'craig.breslau@enron.com'" <craig.breslau@enron.com>
cc:
Subject: Ormet Letter Agreement

Craig, please find attached a rough draft of the letter agreement for the
Ormet Deal. We need get rolling on this so let me know your thoughts on this
and the service request (sent earlier this week) as soon as you can.

Thanks.

 <<Enron-OrmetLetterAgreement.doc>>

 - Enron-OrmetLetterAgreement.doc


By agreeing to pay only for "reasonable" offers, DWR left itself a loophole
big enough to drive a truck through:

"DWR will assume financial responsibility for
all purchases by the ISO in its ancillary services and imbalance energy
markets based bids or other offers determined to be reasonable. Such
determination of reasonableness will be made by DWR on a case by case basis
and communicated to the ISO."  (Emphasis added.)

Susan J Mara@ENRON
04/16/2001 09:06 AM
To: Christian Yoder/HOU/ECT@ECT, gfergus@brobeck.com,
jalexander@gibbs-bruns.com, James D Steffes/NA/Enron@Enron, Ray
Alvarez/NA/Enron@ENRON, Paul Kaufman/PDX/ECT@ECT, Jeff
Dasovich/NA/Enron@Enron, Alan Comnes/PDX/ECT@ECT, Richard
Shapiro/NA/Enron@Enron, Michael Tribolet/ENRON@enronXgate, Steve C
Hall/PDX/ECT@ECT, Jubran Whalan/HOU/EES@EES, Neil Bresnan/HOU/EES@EES, Tim
Belden/HOU/ECT@ECT, Harry Kingerski/NA/Enron@Enron
cc:

Subject: CAISO Notice: Market Notice re: Credit Issues

FERC finally got resolved what CA could not. I believe this also takes care
of our credit issue on the ISO's demand response programs.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 04/16/2001 08:47 AM -----

	"Fuller, Don" <DFuller@caiso.com>
	Sent by: "Happ, Susan" <SHapp@caiso.com>
	04/13/2001 04:21 PM

		 To: ISO Market Participants
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI
CIPANTS@caiso.com>
		 cc:
		 Subject: CAISO Notice: Market Notice re: Credit Issues

Market Notice re Credit Issues

In response to the FERC order of April 6, 2001 re the issue of
creditworthiness, the California Department of Water Resources (DWR) has
authorized the ISO to make the following statement. To the extent (and only
to the extent) that a purchase is not otherwise paid by any party or payable
by another party meeting the credit standards set forth in the ISO Tariff
(another "Qualified Party"), DWR will assume financial responsibility for
all purchases by the ISO in its ancillary services and imbalance energy
markets based on bids or other offers determined to be reasonable. Such
determination of reasonableness will be made by DWR on a case by case basis
and communicated to the ISO.  All bids into the ancillary services and
imbalance energy markets will be deemed to be contingent on the acceptance
of financial responsibility by DWR, to the extent not paid or payable by
another Qualified Party.  Unless a supplier is otherwise notified, any bid
accepted by the ISO will be deemed to have the financial support of another
Qualified Party or DWR as specified in this notice.  In addition to the
foregoing, DWR will assume financial responsibility for all purchases
resulting from the issuance by the ISO of emergency dispatch instructions,
to the extent not paid or payable by another Qualified Party.  Payment for
such purchases shall be made according to the rate specified in the ISO
Tariff for emergency dispatch instructions.  The ISO and/or DWR reserve the
right to rescind or modify the foregoing arrangements at any time and for
any reason, including a successful rehearing or appeal from the April 6
order.

As the FERC determined in its February 14 order that DWR is a creditworthy
counterparty, the ISO believes that the foregoing arrangements meet the
requirements of FERC's April 6 Order. Accordingly, the ISO expects that
suppliers will honor their obligations under the ISO Tariff and related
agreements to respond to ISO dispatch instructions.

Don Fuller
Director, Client Relations
California ISO
Phone: 916-608-7055
E-Mail: dfuller@caiso.com


Dear Valued Customer,

Thank you for your order!

Your order number is: 5797310412.

Below, you'll find additional order information. We'll let
you know by email as soon as your order items ship.

Shipment 1 -------------------------------------------------

Send to:

Christie Plauche
4265 Long Leaf Drive
Melbourne
Florida
32940

Item(s):

Magic Bear Drawing Board
1 @ $12.99
= $12.99

Mega Screen
1 @ $29.99
= $29.99

Item(s) Subtotal = $42.98
Shipping Costs   = $6.00
Gift Options     = $5.00
Shipment 1 Total = $53.98

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

Order Summary

Shipment 1 Total     = $53.98
------------------------------------------------------------
Order Total          = $53.98

Have questions about your order or any other customer
service issues?

-- Check your order status online or view our Help section
   by visiting http://www.ZanyBrainy.com.  The links in the
   top right area of the page will guide you.

-- Call ZanyBrainy.com toll-free at 877-WOW-KIDS
   (877-969-5437) or locally at 614-396-4915.  Or email us
   at service@ZanyBrainy.com.  You'll always find a
   ZanyBrainy.com KIDsultant on hand to help you, 24 hours a
   day, 7 days a week.

Thank you again for shopping at ZanyBrainy.com--where you'll
always find the Best Stuff for Kids!

Your ZanyBrainy.com KIDsultants
http://www.ZanyBrainy.com
Extraordinary Toys for Extraordinary Kids


Just for your background info, the other reason we use deemed ISDAs on the
interest rate & currency deals is that the omnibus was really drafted with
commodity deals in mind.  I'd have to go back and look at it to see if it
would work at all for an interest rate or currency deal.  Do you think I
should do that?  Hopefully not or at least not til after 1/1.

	Enron Capital & Trade Resources Corp.

	From:  Tana Jones                           12/16/98 06:58 PM

To: Dale Neuner/HOU/ECT@ECT
cc: Susan Flynn/HOU/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT
Subject: Re: Waste Managment Inc.

With respect to your request for a Deemed ISDA Confirm for the referenced
counterparty, I checked with Yao, our paper guru, and he said there is no
special reason or precedence for using the Deemed ISDA confirmations for the
paper boys (unless maybe if they did a really long-dated trade).  He said we
could go ahead and use the omnibus.  Just because we hope to sign an ISDA,
doesn't necessarily mean we use the Deemed ISDA confirmations.  In practice,
we tend to use the Deemed ISDA's for international counterparties, for the
interest rate and currency desk (because a lot of their counterparties are
banks and dealers and more familiar with the ISDA's, unlike our energy
counterparties).

Call me with any questions...


Attached are the latest versions of the model and book.  Please let me know
your comments and questions.

Mark


Mark,

I have an inquiry from a publishing house who are preparing a book on the
world power markets.
They wanted us to sponsor it (at the cost of 19,000 pounds) but the reaction
from our power desks
was  lukewarm.

They are offering us an opportunity to advertise in this publocatio.
 I am attaching the message with the terms.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/21/2000
12:28 PM ---------------------------

"Isherwood Production" <kerry@commodities-now.com> on 01/21/2000 06:40:08 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: RE: WorldPower

Dear Mr, Kaminski,

I have two advertising positions to offer you as follows:

1. Outside Back Cover  (plus 200 personalised books)     o6,950.00
2. Inside Front Cover Spread (plus 200 personalised books)     o7,950.00

Please let me know which (if any) options you prefer.

Kind regards,

Anna Liza
Sales Director

*********************************
WorldPower
Suite 16, Imperial Studios
London, SW6 2AG
United Kingdom

info@commodities-now.com
www.commodities-now.com

Tel:  + 44 (0) 171 736 0774
Fax: + 44 (0) 171 736 1196
 - att1.htm


Linda,

	The below e-mail contains the latest requirements for the ISO Audit. I have asked for and been granted an extension to all of the time lines listed the in the requirements.

							Chris
---------------------- Forwarded by Chris Stokley/HOU/ECT on 04/09/2001 09:41 AM ---------------------------

"Plumley, Jeanette" <JPlumley@caiso.com> on 03/02/2001 01:59:02 PM
To:	"Stokley, Chris" <chris.stokley@enron.com>
cc:
Subject:	sc audit package

Chris, attached is the cover letter that was sent to Murray, along with the
timeline and the requirements.  Should you be the main contact or should I
continue sending the information to Murray?  Thanks

 <<sc-audit-req-00.rtf>>  	 <<sc-audit-timeline-00.doc>>
<<epmi-coverltr.doc>>

Jeanette Plumley
Data Quality Auditor
California ISO
916-608-5971
jplumley@caiso.com

 - sc-audit-req-00.rtf
 - sc-audit-timeline-00.doc
 - epmi-coverltr.doc


fyi
---------------------- Forwarded by Gerald Nemec/HOU/ECT on 11/18/99 12:51 PM
---------------------------

Reid Hansen@ENRON
11/18/99 09:24 AM
Sent by: Reid Hansen@ENRON
To: Gerald Nemec/HOU/ECT@ECT
cc: Greg Brazaitis/HOU/ECT@ECT, Robert D Morgan/HOU/ECT@ECT, George
Weissman/HOU/ECT@ECT
Subject: Gas Solutions

Hello Gerald,

Attached is the estimate for the connection mentioned above to the Texoma 30"
line (3080) in Gregg County, TX..  I have not qualified the dollar amount as
to what type of communication package will be required for this installation.

I did not remember Eric's last name so could you forward this to him.

Thanks,
Reid
3-7540


Were you going to send me some deal numbers to check out for August ?


To our IBS Customers that are still hanging in there:

We understand your continued frustration and express our sincerest
apologies for our inability to give complete and accurate answers to
your questions. The problems that we are seeing are one of three (3)
possibilities:

1)  You have entered your password incorrectly (or what you thought was
the correct password) and been given the error message that you have
exceeded your opportunities for today, and you receive the message "You
have failed to correctly login three times today; please try again
tomorrow, or contact the bank at 830-379-5236 to have your password
reset." This is the easiest problem to correct and we can fix this one
quickly with you online (on the phone). Should you receive this message,
please call our Computer Department and ask for either myself (Howard
Gordon) @ 830-401-1185, Christina Kirby @ 830-401-1189, or Lora Robles @
830-401-1182. If you reach our voice mail (or another employee), please
leave your Name, Account # and call back #.

2)  You are not using the last six (6) digits of your ssn# (this is the
ssn# or tin# of the primary account holder). Please try again using the
last six (6) digits, or call us to determine who we have recorded as the
primary account holder.

3)  If you see this error message "Invalid login; please try again"
(after three [3] or more tries), then you possibly fall into this last
category. Your account is one of the few that did not convert correctly
(we will not release any information about these accounts until we
verify that all information is correct and accurate). We are finalizing
these accounts today and should have them available for access this
afternoon (late) or this evening. Once we release these accounts for IBS
access, you will have to again use the last six (6) digits of your ssn#
(this is the ssn# or tin# of the primary account holder), then you will
be directed to a screen that asks for information such as:

Name
Address
City, State Zip+4
Phone #
E-Mail Address

After entering this information and clicking submit, you will then be
instructed to change your password to anything that you desire (you can
at this point change your password back to what it was before).  Always
remember that your password is case sensitive.

Should you get into IBS (before early evening [6:00pm]), the balance and
transactional information displayed is as of 11/16/01 (Friday night). We
will have this information updated by 6:00pm (hopefully), and then
information will be as of Monday (11/19/01). Again we want to thank you
for your patience through this (trying) ordeal, and we look forward to
continuing to service your IBS needs in the future.

Sincerely,

Howard Gordon
Network Manager

 - geninfo.vcf


Professor,

As part of the assignment you ask us to evaluate the time series changes of
Home
Depot's profitability relative to previous years (last question in section
b.).
However, given that we have only 2 fiscal years of balance sheet data we can
only calculate one year of ratios (ROA, ROE, etc).  How are we to answer the
question given our dilemma?

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


Dear Vince,

How are you? Well I hope.

I hope you don,t mind me writing to you. You may remember that 5 months ago
I left Risk Publications and moved to a charity. Having been here for only a
few months, I have decided that this job is not for me (I miss the buzz of a
corporate office) and I have decided to move back into the corporate sector.

Because of my previous experience and knowledge of the energy sector, I am
very interested in moving into this area. I have always thought that it
would be great to work for Enron because it is such a dynamic company and I
am planning to approach the London office to discuss any opportunities,
which might be available. I am particularly interested in product marketing
and research, although I am very open-minded at the moment. I wondered
whether you could recommend the right person to speak to in London.

I know that you are incredibly busy, but any help you can give me would be
fantastic Vince.

Thanks and best regards,

Vicky Windsor

_________________________________________________________________________
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.


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 Anna Kournikova Exclusive Fantasy Offer!  Save 10% on Anna's 2002 Calendar! Yes 12 months of Anna!  Simply enter the coupon code FNTSYCAL in step 5 of the checkout process to receive your discount.  Offer expires 11/30/01.  http://www.sportsline.com/links/6/1/135/sffer1120tr.cgi   Attention Fantasy Fans!  Subscribe to The Sporting News  now and get 4 FREE issues! Hurry!   Brought to you by   Sponsorship Bar You are receiving these e-reports because you have signed up for CBS SportsLine.com Fantasy Football.  To customize, reschedule, or turn off these reports please  click here    Standings, Summary  [IMAGE]Big 12 Division Team W L T Pct Back Strk Div Wks PF Back PA The Guzzlers  6 4 0 0.600 0.0 W1 4-1-0 1.0 1333.0 92.0 1262.0 The Lie Downs  5 5 0 0.500 1.0 W1 2-3-0 1.0 1286.0 139.0 1333.0 Meximullets  4 6 0 0.400 2.0 L4 3-2-0 1.0 1425.0 0.0 1465.0 oops, I did it again  4 6 0 0.400 2.0 W1 3-2-0 0.5 1331.0 94.0 1287.0 One Man Show  4 6 0 0.400 2.0 W1 2-3-0 1.0 1206.0 219.0 1227.0 Thrill Kill Cult  2 8 0 0.200 4.0 L2 1-4-0 0.0 1034.0 391.0 1301.0 SEC Division Team W L T Pct Back Strk Div Wks PF Back PA The Fat Bastards  8 2 0 0.800 0.0 L1 4-1-0 0.0 1343.0 82.0 1196.0 The Executioners  7 3 0 0.700 1.0 W5 2-3-0 2.0 1421.0 4.0 1314.0 Who's Yo Daddy  7 3 0 0.700 1.0 W6 2-3-0 1.0 1346.0 79.0 1224.0 The Snake Pit  5 5 0 0.500 3.0 L1 3-2-0 0.5 1329.0 96.0 1397.0 North Blvd Nutwhackers  4 6 0 0.400 4.0 L1 2-3-0 1.0 1309.0 116.0 1241.0 Not So Nice Machine  4 6 0 0.400 4.0 L1 2-3-0 1.0 1211.0 214.0 1327.0  Statistics, Scoring  [IMAGE]The Executioners Actives Player Pos Scoring Score Gannon, Rich  QB 25 PaCmp (25 Pts), 311 PaYd (20 Pts), 4 PaTD (10,12,30,20) (24 Pts), 1 PaInt (-3 Pts), 15 RuYd (1 Pt) 67.0 Davis, Stephen  RB 84 RuYd (8 Pts), 1 Recpt (1 Pt) 9.0 Tomlinson, LaDainian  RB 68 RuYd (6 Pts), 1 RuTD (1) (6 Pts), 3 Recpt (3 Pts) 15.0 Booker, Marty  WR 7 Recpt (7 Pts), 165 ReYd (13 Pts), 3 ReTD (28,44,66) (20 Pts) 40.0 Carter, Cris  WR 10 Recpt (17 Pts), 46 ReYd (2 Pts), 1 ReTD (1) (6 Pts) 25.0 Warrick, Peter  WR 3 Recpt (3 Pts), 29 ReYd (1 Pt) 4.0 Williams, Roland  TE 1 Recpt (1 Pt), 23 ReYd (1 Pt) 2.0 Vinatieri, Adam  K 1 FG (33) (3 Pts), 2 XP (2 Pts) 5.0 Jets  DT 3 Int (12 Pts), 2 DTD (60,63) (16 Pts), 3 SACK (6 Pts), 2 DFR (8 Pts),  PA (10 Pts) 52.0    [IMAGE] TOTALS     219.0 The Executioners Reserves Player Pos ST Scoring Score Barber, Tiki  RB RS 55 RuYd (5 Pts), 1 RuTD (1) (6 Pts), 4 Recpt (4 Pts), 52 ReYd (2 Pts) 17.0 Bledsoe, Drew  QB RS   0.0 Brady, Tom  QB RS 19 PaCmp (19 Pts), 185 PaYd (9 Pts), 1 PaTD (10) (6 Pts), 2 PaInt (-6 Pts) 28.0 Canidate, Trung  RB RS   0.0 Connell, Albert  WR RS   0.0 Gonzalez, Tony  TE RS   0.0 Jefferson, Shawn  WR RS 3 Recpt (3 Pts), 57 ReYd (2 Pts) 5.0     [IMAGE] TOTALS       50.0  NFL Reports, Player Updates  [IMAGE]Latest NFL Player News  Shaun Alexander , RB SEA - Not So Nice Machine Updated 11/20/01 With Ricky Watters expected to miss another two to three weeks, Alexander will remain the focal point of many contending Fantasy teams during their charge to the playoffs. He should roll up some fine numbers against the Chiefs this week.  Tom Brady , QB NE - The Executioners Updated 11/20/01 The Patriots will stick with Brady for now, and Drew Bledsoe will remain the team's No. 2 QB. "I don't see any change! s ! this week," coach Bill Belichick said. Brady is a solid Fantasy starter right now, but add Bledsoe to your roster as an insurance policy if you can.  Jonathan Quinn , QB JAC - Free Agent Updated 11/20/01 Quinn may have to start in place of Mark Brunell (quadriceps) again this week. Brunell's status is still unclear for Sunday's game.  Ricky Watters , RB SEA - North Blvd Nutwhackers Updated 11/20/01 Watters' shoulder has not sufficiently healed enough for him to practice, says the Seattle Times . He is not expected to return for another two to three weeks, meaning Shaun Alexander will continue to be a key performer for many Fantasy teams as the postseason comes into view.  Doug Flutie , QB SD - Thrill Kill Cult Updated 11/20/01 Mike Riley told the San Diego Union-Tribune there is no QB controversy involving Flutie and rookie Drew Brees. "Doug is going to be our quarterback," he said. "You can talk about controversy all you want, but there is none within this building. He is our quarterback. He will start. He will get us the next win the next week." Still, Flutie is not playing well enought to satisfy most Fantasy owners.  Mark Bruener , TE PIT - Free Agent Updated 11/20/01 Bruener will miss the rest of the season after undergoing shoulder injury. His loss may adversely affect Jerome Bettis' statistics, because Bruener is widely regarded as the best run-blocking tight end in football.  Tyrone Wheatley , RB OAK - One Man Show Updated 11/20/01 Wheatley told the Contra-Costa Times he is no longer being bothered by a knee injury. He expects to play on Sunday.  Erron Kinney , TE TEN - Free Agent Updated 11! /2! 0/01 Kinney (calf) may play this week after missing three games. He was expected to return to practice early this week.  Frank Wycheck , TE TEN - North Blvd Nutwhackers Updated 11/20/01 Wycheck (calf) will be limited in practice this week. He may be a risky start in Week 11.  Steve McNair , QB TEN - North Blvd Nutwhackers Updated 11/20/01 The Tennessean says McNair's hand was sore when he arrived at the team's practice facility on Monday. Jeff Fisher now says he doesn't expect him to miss any pr! ac! tice time this week.   Derrick Alexander , WR KC - Who's Yo Daddy Updated 11/20/01 Alexander (ribs) has returned to practice. He is expected to start against Seattle.  Marvin Minnis , WR KC - North Blvd Nutwhackers Updated 11/20/01 Minnis (ankle) is listed as doubtful for Sunday's game. Larry Parker may have to start in his place,  Reggie Wayne , WR IND - Meximullets Up! da! ted 11/20/01  Wayne has a sprained knee ligament, and is doubtful for Sunday's game against New Orleans. Terrence Wilkins may have to start in his place.  Jerome Pathon , WR IND - The Snake Pit Updated 11/20/01 Pathon (foot) is done for the season. He will be put on injured reserve. Reggie Wayne (knee) is also hurting, meaning Terrence Wilkins might have to be moved back into the starting lineup.   Jay Fiedler , QB MIA - Meximullets Updated 11/20/01 Dave Wannstedt told the Miami Herald there is no ! QB! controversy surrounding Fielder and backup Ray right now. ``That's kind of hypothetical,'' he said. ``Jay is the starter, and my only comment is we're going to get it squared away and play turnover-free football.''  Rod Smith , WR DEN - oops, I did it again Updated 11/20/01 Mike Shanahan said he does not know if Smith (ankle) will be sufficiently healed to play in Thursday's game against the Cowboys. "We'll get a chance to evaluate that during the week and see," Shanahan told the Denver Post. "If he can help our football team, he'll play. If he's in a situation where he can't perform at the level that we think can help our team, then we'll keep him out and put somebody else in."   Benjamin Gay , RB CLE - Free Agent Updated 11/20/01 The Cleveland Plain-Dealer says Butch Davis won't indicate how much Gay will play in the near future. "We'll try to get him involved in some of the games," Davis said. "We'll see."   Kevin Lockett , WR WAS - Free Agent Updated 11/20/01 Lockett, who suffered a rib injury last weekend against Denver, expects to play on Sunday against Philadelphia. However, the wide receiver has no real value as a Fantasy player at this point.   Tony Banks , QB WAS - Free Agent Updated 11/20/01 Barring any setbacks, Banks will start Sunday's game against Philadelphia. Banks, who suffered a concussion last weekend vs. Denver, hasn't been feeling any after effects of the injury and should be under center for the 'Skins.   Jacquez Green , WR TB - The Guzzlers Updated 11/20/01 Green (abdomen) is expected to return to practice on Wednesday at full strength. He's been inconsistent this season, and is best used when the matchup is favorable.   Terrell Owens , WR SF - Meximullets Updated 11/20/01 Owens suffered a sprained left knee and ankle during the overtime session of last weekend's game against Carolina. The injuries aren't considered serious, however, and Owens is expected to be in the starting lineup on Sunday Indianapolis.   Cecil Martin , RB PHI - One Man Show Updated 11/20/01 Martin suffered a hamstring injury during Sunday's game against Dallas. He'll miss a few days of practice, but is expected to play in this weekend's game against Washington. Martin has no real value as a Fantasy pla! ye! r, but he is a key blocker for Duce Staley.    Giants , DT NYG - North Blvd Nutwhackers Updated 11/20/01 According to the New York Post, cornerback Jason Sehorn's surgically-repaired right knee began giving him problems again this past weekend. In fact, the team was unsure that he'd be able to cover either Randy Moss or Cris Carter on Monday night, but he played anyway. If he continues to play on a bad wheel, you should consider starting any receivers opposing Sehorn the rest of the season.   Elvis Grbac , QB BAL - Thrill Kill Cult Updated 11/20/01 ! The Baltimore Sun says there is no indication that Grbac will be replaced as the team's starting QB. Still, he is not performing well enough to start for most Fantasy teams.  Donald Driver , WR GB - Free Agent Updated 11/20/01 Driver is still dealing with a thigh injury, and is expected to miss Thursday's game against Detroit. The reserve wideout has no real value as a Fantasy player at this point.    Ravens , DT BAL - The Snake Pit Updated 11/20/01 Defensive end Michael McCrary will miss the rest of the season after undergoing knee ! su! rgery. His loss will certainly lower the sack output of the Baltimore defense and may mean the team will allow more passing yardage than usual.    Cowboys , DT DAL - Free Agent Updated 11/20/01 Linebacker Dexter Coakley, who was expected to miss two weeks due to a sprained knee, will likely get the start on Thursday after being out for just one game. He'll help keep Denver's running game in check, but don't expect his presence to give Dallas' defense added Fantasy value as a whole.   Emmitt Smith , RB DAL - The Snake Pit Updated 11/20/01 Smith (knee) will start on Thursday's game against Denver. "I'm not 100 percent, but I'm healthy enough to do my job," Smith told the Dallas Morning Star. He'll struggle to post solid Fantasy numbers due to Dallas' horrid passing game, so bench him this week if at all possible.     Donald Hayes , WR CAR - Meximullets Updated 11/20/01 Hayes suffered bruised ribs during Sunday's game against San Francisco. He may miss some practice time this week, but he's expected to play this weekend against Atlanta. The Falcons secondary is one of the worst in the league, so Hayes could turn into a good sleeper pick in Week 11.   Terry Hardy , TE ARI - Free Agent Updated 11/20/01 Hardy is expected to return to practice this week after missing three games due to shoulder injury. However, he is not certain to play on Sunday against San Diego.   More Updates  [IMAGE]  Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc. Your site can be reached from http://fantasy.sportsline.com   FB10SP


Leslie/Mark,
We are going a few months back but I need your help on a question. Did the draft email below go out to the traders?
Was it sent to NA traders only? Was another sent to European traders? If it was sent, can you send Savita & I the final
memo?

Savita has suggested that the point of contacts change to the designated people below.

Thank you for your help on this. Please call me if you have any questions.
Thanks.
Jennifer
3-5824

 -----Original Message-----
From: 	Puthigai, Savita
Sent:	Tuesday, May 29, 2001 3:08 PM
To:	Denny, Jennifer
Subject:	RE: Third Party Trading Platform Policy

Please follow up with Leslie or Mark. Also we should get it changed to have you as the lead, Torrey and myself as the back up in that order.Also if one was executed for Europe we should make Lara  the lead for those. Thanks.

Savita

 -----Original Message-----
From: 	Denny, Jennifer
Sent:	Tuesday, May 29, 2001 3:03 PM
To:	Puthigai, Savita
Subject:	RE: Third Party Trading Platform Policy

Sheri told me that it was sent out to the traders. Actually, as I recall, I think I was put on it as a backup to Sheri for a point of contact. I'm not sure if European traders were sent anything. .

I can check with Leslie or Mark to confirm.
Let me know if you want me to follow up on this or if would rather do it yourself.

 -----Original Message-----
From: 	Puthigai, Savita
Sent:	Tuesday, May 29, 2001 2:40 PM
To:	Thomas, Sheri
Cc:	Denny, Jennifer
Subject:	FW: Third Party Trading Platform Policy

Hi Sheri,

Did we ever send this email out to the traders?

Savita

 -----Original Message-----
From: 	Gosalia, Amita
Sent:	Tuesday, May 29, 2001 11:43 AM
To:	Puthigai, Savita; McKinney, Lara
Subject:	Third Party Trading Platform Policy

Hi Guys

Please see below the last email I had from Sheri re 3rd Party Trading Platform Policy.  Don't think the document was ever sent out.  Certainly was not sent to the European offices.

Rgds

Amita

----- Forwarded by Amita Gosalia/LON/ECT on 29/05/2001 17:39 -----

	Sheri Thomas 10/11/2000 19:38 	   To: Amita Gosalia/LON/ECT@ECT  cc:   Subject: Third Party Trading Platform Policy

here it is - I have asked that one other person here be added (Jennifer) in case I am out.  Let's talk about how we can manage this....  ???

Sheri
---------------------- Forwarded by Sheri Thomas/HOU/ECT on 11/10/2000 01:36 PM ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >>
Leslie Hansen
11/09/2000 04:35 PM
To:	Andy Zipper/Corp/Enron@Enron, Sheri Thomas/HOU/ECT@ECT
cc:	Mark Taylor/HOU/ECT@ECT
Subject:	Third Party Trading Platform Policy

Andy and Sheri:

Here is a draft of what I propose Mark Frevert and Mark Haedicke send out to the traders re use of third-party electronic trading platforms.  Note that I included a contact for questions at the bottom of the policy.  I have listed myself for now -- who would you like to designate?  Will this e-mail go out to European and other business units as well, and if so, from the same senders?

Mark Taylor has approved the e-mail and the policy.

Let me know what you think.  I will circulate to Mark Haedicke for approval as soon as I receive your comments and/or approval.

Leslie

**************************************************************************
Many of you have received offers to use third -party electronic trading platforms like Dynegydirect.  Enron has a Policy Relating to Use of Third Party Electronic Trading Platforms to serve as a guide to appropriate registration for and use of such trading platforms.  The Policy provides that:

You must notify the Enron Net Works LLC (ENW) designee set out in the Policy if you would like to trade on such a trading platform.
All registration and other documentation must be sent to the ENW designee, who will coordinate the necessary legal and administrative review.
You are not authorized to use a third-party electronic trading platform until you are authorized by ENW.
The Master User for all third-party electronic trading platform accounts will be an ENW designee.
If you are currently using any third-party electronic trading platform, please notify the ENW designee.

A full copy of the Policy Statement is attached for your review.

 << File: POLICY RE USE OF THIRD PARTY ELECTRONIC TRADING PLATFORMS.doc >>