Re: Investment of ERMT Corp. money ,
 I think that is fine - the treasury group will just be acting at the
direction of ERMT and that's ordinary course.  Of course, the services
agreement should take care of all of that in the future when we have it
signed up.  We just might want to come up with an informal cash management
agreement in the interim such that ERMT would compensate ENE a nominal
amount for those services.

Also, Baker Botts has agreed to limit the prohibition on issuance of
subsidiary stock to "Significant Subsidiaries" within the meaning of S-X,
which I believe that swapco clearly would not be given the size of Enron.
So we should be OK on that front.



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