EJ Summary ,
 Mike/Jeff,
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We have updated the business summary form that you asked me for yesterday. =
 In addition to your requests we have included estimates for business liqui=
dation costs.  As you will see there is very little difference ($1.8 MM) be=
tween our assumed scaled down (Top Team) costs for 2002 and the costs to li=
quidate the business ($ 7.8 MM).  Given that we are seeing deal flow and tr=
ansactions after less than 1/2 year with EGM in a brand new market, we woul=
d expect to break even for 2002.  If this is then compared to the liquidati=
on costs, I believe an obvious question to shutdown would be why ($1.8MM di=
fference assuming no earnings for 2002... and we will make earnings)?  My e=
xperience at Enron with startup businesses usually entails investment the f=
irst year, break even the second and break out the third.  I believe we are=
 on track to do this.  The head start from other competitors, the state of =
the Japanese market and the demand for risk mgt products further underscore=
s the value in the proposition.
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It has been sometime since either you or Jeff have been over to Japan and a=
llowed us to give you a full business review.  A lot has changed over this =
period.  We had hoped to do this with Jeff, but events of the last week hav=
e clearly overshadowed and precluded this.  While I understand everyone is =
trying to gain clarity as soon as possible, I believe that it is imperative=
 that Japan be given a chance to present its case over the next 1-2 weeks. =
 I am fully prepared to visit Houston and demonstrate the clear case for th=
is business as a prime marketing/origination vehicle for Japan and Asia wit=
h clear options to develop a local trading presence. =20
=20
I look forward to speaking with you further about this.
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Joe =20
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mike.mcconnell@enron.com, a..shankman@enron.com