How about drinks at 5:30 on Thursday.   I try not to interrupt work with 
personal business.




"Gapinski, Michael" <michael.gapinski@painewebber.com> on 02/25/2001 03:13:29 
PM
To: "'John.Arnold@enron.com'" <John.Arnold@enron.com>
cc:  
Subject: RE: Buying back calls


John -

I completely understand your point of view.  PaineWebber knows affluent
investors such as yourself want access to alternative investments such as
private equity and hedge funds.  Our group has also found that high net
worth individuals prefer a consultative relationship where we help you
structure a complete asset allocation based on your objectives.  We then
provide you with access to, and help you select, third-party institutional
money managers to make the day-to-day investment decisions.  We also provide
the ongoing performance monitoring of those managers, including correlations
to the appropriate indices.

I believe you will find our approach to be appreciably different from your
previous contacts with financial advisors, where you have felt the advisor
was 'pushing' a house fund or stock du jour.  If your schedule permits, I
would like to meet with you on Thursday afternoon to discuss this in more
detail.  How does 4 PM sound?

- Mike



-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Saturday, February 24, 2001 10:41 AM
To: michael.gapinski@painewebber.com
Subject: RE: Buying back calls



Michael:
Thanks for putting the paperwork together.

I would have interest in meeting if you can present unique investment
opportunities that I don't have access to now.  Most of my contact with
financial advisors in the past has consisted of them suggesting a mutual
fund, telling me to invest in Home Depot, Sun, and Coke, or trying to pass
off their banks' biased research reports as something valuable.  The above
services provide no value to me personally.  If you can present
opportunities such as access to private equity or hedge funds, or other
ideas with strong growth potential and low correlation to the S@P, I'd
listen.

John





"Michael Gapinski" <michael.gapinski@painewebber.com> on 02/21/2001
08:23:04 AM

To:   "'John.Arnold@enron.com'" <John.Arnold@enron.com>
cc:   "'Rafael Herrera'" <rafael.herrera@painewebber.com>
Subject:  RE: Buying back calls


John -

We'll get the paperwork together and sent to you for naked options.  At
some point, I'd like to talk about the diversification strategy in more
detail -- perhaps over dinner or a quick meeting after the markets close?

Michael Gapinski
Account Vice President
Emery Financial Group
PaineWebber, Inc.
713-654-0365
800-553-3119 x365
Fax: 713-654-1281
Cell: 281-435-0295

-----Original Message-----
From:     John.Arnold@enron.com [SMTP:John.Arnold@enron.com]
Sent:     Tuesday, February 20, 2001 10:14 PM
To:  michael.gapinski@painewebber.com
Subject:  Re: Buying back calls


Michael:
Appreciate the idea.  However, with my natural long, I'm not looking to
really trade around the position.  I believe ENE will continue to be range
bound, but in case it is not, I don't want to forgo 50% of my option
premium.
I have price targets of where I would like to lighten up exposure to ENE
and will use calls to implement the stategy.  To that regards, I noticed I
was not approved to sell naked calls.  I would like that ability in order
to hedge some exposure I have of unexercised vested options.  Please look
into that for me.
John.




"Michael Gapinski" <michael.gapinski@painewebber.com> on 02/20/2001
06:28:27 PM

To:   "'Arnold, John'" <john.arnold@enron.com>
cc:
Subject:  Buying back calls


John -

I was looking at the recent pullback in ENE and thinking it might be an
opportunity to buy back the calls you sold.  Of course, you would then be
in a position to sell calls again if the stock makes a bounce.  I'm not
sure that ENE @ 75 is the place, but maybe @ 73.  Call me if you're
interested.

Michael Gapinski
Account Vice President
Emery Financial Group
PaineWebber, Inc.
713-654-0365
800-553-3119 x365
Fax: 713-654-1281
Cell: 281-435-0295



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