Candidly, Mark wanted to leave it open as to whom it would report.  He wanted 
to have control in it's growth and staffing, although it would be coordinated 
with Thor.  Mark (and I) talked to Thor about this a while ago, and will 
begin weekly video calls in the new year about strategy, updates, new 
products, and growing this business continentally.  (Mark was still concerned 
about the members of the Oslo weather group that Thor managed poorly--in 
Mark's mind).  I'm sure we will get to a point that works best 
organizationally with Thor having a role.  However, when you look at the P&L 
of the business, is doesn't illustrate his support of the business, which we 
are addressing.  

Hope this helps, and you are relaxing a little....

Jeff




Mike McConnell
12/19/2000 10:07 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:  
Subject: Organizational Announcement - revised comments

Jeff,
Below is an email from John.  Please let me know how to respond.  I know you 
guys talked about this.  Thor was in the loop here wasn't he?  I know we took 
out the Thor reporting piece but in reality they do report up through him.  
How many people do we expect in London?  John and I did talk about this and I 
didn't really think of it lately.

Mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 12/19/2000 
09:59 AM ---------------------------


John Sherriff
12/19/2000 01:29 AM
To: Mike McConnell/HOU/ECT@ECT
cc:  
Subject: Organizational Announcement - revised comments

After re-reading your note - I see that it is not a trading desk in London 
but a marketing desk 
- but it is still unclear to me how this fits into the Oslo desk.  Also 
shouldn't we be talking about this or your 
guys talking to Thor who is running the European Weather business?

John

---------------------- Forwarded by John Sherriff/LON/ECT on 19/12/2000 07:31 
---------------------------


John Sherriff
19/12/2000 06:25
To: Mike McConnell/HOU/ECT@ECT
cc:  

Subject: Organizational Announcement


I thought we had specifically agreed that we were not adding a market making 
function in London!  If you
have got traders to spare I can use about six of them.

John
---------------------- Forwarded by John Sherriff/LON/ECT on 19/12/2000 06:28 
---------------------------
   Enron Global Markets LLC - Office of the Chairman

From: Enron Global Markets LLC - Office of the Chairman@ENRON on 18/12/2000 
21:21 CST
Sent by: Enron Announcements@ENRON
To: Enron Wholesale Services
cc:  
Subject: Organizational Announcement


Enron Global Markets (EGM) has made numerous organizational changes as its 
businesses continue to grow and expand around the world.  We are pleased to 
announce the following changes within EGM.

Financial Trading 
The Convertible Arbitrage desk has moved from EnronCredit.com to the 
Financial Trading group under Gary Hickerson.  Mike Bradley will manage the 
desk.  

Billy Lemmons has joined Gary Hickerson's group from EIM.  He is exploring 
the agriculture value chain and origination opportunities.

Transportation and Shipping
Dan Reck will be transitioning out of the coal group and will be exploring 
our rail and trucking initiatives.  These markets together represent 
approximately $105 billion notionally, and we believe there are many 
synergies between our energy, coal, and freight trading businesses.  

Enron is currently trading dry-freight through EOL and is a leading market 
maker in this new product. The shipping business is growing very quickly.  We 
have asked Pierre Aury and Scott Montcrief to co-lead our worldwide vessel 
trading businesses.  Scott will be responsible for all liquids vessel 
businesses and Pierre will manage all dry vessel businesses.  The LNG vessel 
business currently managed by Wayne Perry will remain in the LNG group, but 
will also report to and coordinate with Pierre and Scott.

Weather
Our worldwide weather operations will continue to report to Mark Tawney in 
Houston.  This business, which includes trading weather products in 10 
countries and 40 states in the U.S., is also rapidly expanding.  Mark will 
have all V@R allocation responsibility between Sydney, Tokyo, Oslo, and 
Houston.  In addition we will be forming a weather-marketing desk in London.  

Crude and Products
Bill White will be coming over from EBS and will have responsibility for all 
U.S. financial crude trading.  Don Schroeder will continue to have oversight 
and lead our physical crude business.  Mario De La Ossa has joined EGM from 
Equiva and will manage our product options book. 

Doug Leach will be expanding his fuel management and origination role.  He 
will report directly to John Nowlan.

Finance and Structuring
Andrew Makk has joined the finance team from the Middle East group.  Most 
recently he has been working on the Gaza project.

Jim Lewis has also joined this team. His last assignment was leading the 
structuring group for CALME.

Both Andrew and Jim will report to Larry Lawyer.
 
Corporate Development
Mark Wadlington has joined the EGM team and will be managing this activity 
and co-ordinating with all Enron Corp. He reports to Tim Detmering with 
accountability to the office of the chairman of EGM.

Operations and Accounting
Todd Hall has expanded his role as Business Controller and will have 
responsibility for coal and weather.

Mike Perun has joined Enron from the banking industry and is responsible for 
Controls & Standards.  He will focus on EGM,s operational and accounting 
processes on a global basis.  He reports to Brent Price.

The Ecoelectrica power plant in Puerto Rico will move reporting 
responsibility into the Enron Global Assets group.  Greg Curran, who is 
responsible for all the activities in Puerto Rico, will report to that group 
on all Ecoelectrica business and to Enron Global Markets on the remaining 
businesses.

Please join us in congratulating everyone in their new roles.