Underwriting Review of Catalytica Transaction, including Spark ,
 Brad Nebergall advises he has not sought formal approval of the Catalytica 
transaction because it is too early to know for sure that we have a deal ( 
ie, we still do not have GE's reaction to the latest draft Xonon 
Implementation Agreement and, as we discussed, we will still need to get the 
Option Repurchase Agreement blessed by Catalytica's auditors). Brad said, 
however, that he has met twice with underwriting on the transaction, and that 
Dave Delaney is in "general agreement" with the deal "in concept". I hope 
that addresses your inquiry, and I'll update you when (and if) we move to the 
next stage.
sara.shackleton@enron.com