TCPL ,
 I had lunch with Dennis McConaghy.  He outlined three topics of interest that TCPL would like to take up with Enron-

Alaska Highway Project.  TCPL is keen to acquire Enron's residual interest in the ANNGTC partnership most urgently.  Their timetable is driven by the pace of political events (new enabling legislation was introduced in the Senate yesterday).  I disclosed that-
-ETS does not consider ANNGTC to be a strategic investment
-Enron Corp owns the residual interest
-the bankruptcy court would approve terms of disposal of the residual interest
-the sale of the residual interest is not a high priority for Corp given current operating circumstance
Bob Hill and I have been working on a plan to dispose of Enron's residual interest in the ANNGTC.  We're investigating if residual claims can be sold without being encumbered by liabilities accruing prior to Northern Artic Gas Company's withdrawal from the partnership.  We have canvassed other partners and there is definite market interest (Williams, PGE, Sempera).  I will follow up with Kim Wilkie to determine how to work thru the creditor committee and advise you of findings.

Northern Border.  TCPL is still interested in acquiring Enron's interests in NBP (GP and LP units) and are prepared to work on our timetable.  This is not urgent from their perspective.  Please advise if you require further assistance from me to progress.  I have not canvassed the market for other interest but would not be surprised if other pipelines are interested in bidding. 

McNeill Bullet.  TCPL would like to modify the principles of the joint development.  They propose the following-
-substitute Northern Plains for Enron in the joint development agreement
-stay silent on the equity splits at this time 
-leave open the possibility of Northern Plains being Enron's investment vehicle in the future
-TCPL is comfortable with Northern Plains being the operator
-restrict development activities to properly scoping the pipeline facilities and promoting the project
I believe there is merit to using Northern Plains as our development vehicle on certain conditions: (i) it does not go into bankruptcy; and (ii) it remains affiliated with the ETS pipeline group (access to corp capabilities).
stanley.horton@enron.com, danny.mccarty@enron.com