FW: Greg Smith of Cynet called me just now ,
 ----- Forwarded by Richard B Sanders/HOU/ECT on 09/19/2000 11:44 AM -----

	"Jean C. Frizzell" <Jfrizzell@Gibbs-Bruns.com>
	09/18/2000 10:13 AM
		 
		 To: "Richard Sanders (E-mail)" <richard.b.sanders@enron.com>
		 cc: 
		 Subject: FW: Greg Smith of Cynet called me just now




-----Original Message-----
From: Rand M. Curtiss [mailto:randmcurtiss@juno.com]
Sent: Monday, September 18, 2000 10:00 AM
To: barbara.rayner@ey.com; jfrizzell@gibbs-bruns.com;
mtimberlake@worldnet.att.net; Scollings@gibbs-bruns.com;
thill@mcfallglidden.com
Subject: Greg Smith of Cynet called me just now


and informed me that the $2.2 million HEOF committed to Cynet was in
escrow as of September 9, and not actually invested in cynet itself as
the escrow was pending the rescission financing.  The actual financing
closed in December of 1999.  It turned out that HEOF THEN (not before)
invested not only the $2.2 million that was in escrow as of the valuation
date but an additional $220,000.

I think the valuation implications are obvious.

I took the liberty of handling this directly with Greg; if you have any
other questions, please feel free to call him.

This just leaves Creole Shack (Roland Curry) who has never gotten back to
me, and we are done with our calls and can proceed to finalize our
reports.

Rand M. Curtiss, FIBA, MCBA, ASA, ASA
Loveman-Curtiss e-Values Your Business
Vox 216-831-1795 Fax 216-292-6887
www.curtiss.com   www.businessval.com
Headquarters of the American Business Appraisers National Network
mark.lay@enron.com