Message-ID: <24024890.1075843706799.JavaMail.evans@thyme>
Date: Mon, 9 Apr 2001 01:00:00 -0700 (PDT)
From: ann.schmidt@enron.com
Subject: Enron Mentions - 04/07/01 - 04/08/01
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X-From: Ann M Schmidt
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The well
Houston Chronicle, 04/08/01

Enron Takes Indian Dispute to Arbitration Court, FT Reports
Bloomberg, 04/08/01

Like it or not, DivX emerges as format of choice for online movies
Associated Press Newswires, 04/08/01

DPC should reduce high tariff rate, NCP chief Sharad Pawar
Press Trust of India Limited, 04/07/01

Mahashtra industrial output on a decline: Pawar
The Times of India, 04/07/01

ENRON IS PLANNING TO ELIMINATE ABOUT 250 JOBS
The New York Times, 04/07/01

THE CALIFORNIA ENERGY CRISIS Pacific Gas' Filing Hits Other Stocks Wall St.:
Fear of exposure to the utility has investors reacting negatively to the
shares of its major lenders, power suppliers and bond insurers.
Los Angeles Times, 04/07/01

The convergence revolution can wait, but can investors?
The Globe and Mail, 04/07/01

Hits of the Week
Houston Chronicle, 04/07/01

ENRON ASKS POMPANO TO PUT OFF PLANT VOTE FOES CALL REQUEST A TACTIC TO STOP
RALLY BY PROTESTERS
South Florida Sun-Sentinel, 04/07/01

PG&E BANKRUPTCY TO BE COSTLY LONG, SERPENTINE PROCESS AHEAD FOR UTILITY;
INVESTOR UNLIKELY TO SEE RETURNS ON INVESTMENTS ANYTIME SOON
The Press Democrat Santa Rosa, CA, 04/07/01

PG&E Creditors Are Lining Up / BofA, local generators owed billions by utility
The San Francisco Chronicle, 04/07/01

Enron to Cut 20% of Workforce at Broadband Unit, Reuters Says
Bloomberg, 04/07/01

Maharashtra Won't Make Payment to Enron Venture, Paper Says
Bloomberg, 04/07/01

BUSINESS
The well
The well
Staff

04/08/2001
Houston Chronicle
2 STAR
16
(Copyright 2001)

Enron Energy Services announced a long-term energy management agreement with
J.C. Penney Co. valued at more than $600 million.
Through the agreement, Enron will manage the supply of electricity at more
than 1,250 Penney locations in 50 states. Enron also will replace or update
energy equipment to reduce consumption.
Anadarko Petroleum Corp. announced results from the Fife Unit No. 2 well in
Central Texas.
Located in the Navasota River field of Washington County, the well flowed at
a rate of 51 million cubic feet of gas per day. The well reached a total
vertical depth of 14,080 feet and was drilled laterally for almost 5,000
feet. Anadarko has a 100 percent working interest.
Anadarko's net volumes in Central Texas have grown to more than 235 million
cubic feet of gas per day and 14,700 barrels of oil per day. The company
operates nine rigs throughout the region.
ATP Oil & Gas Corp. acquired six producing properties in the Gulf of Mexico
that will add about $1.4 million to its monthly cash flow. The properties
were acquired from an international oil company. Financial terms were not
disclosed.
During January, the properties produced approximately 7 million cubic feet of
natural gas per day and 340 barrels of oil per day. The properties have
proven and undeveloped reserves.
This is the second Gulf of Mexico property package acquired by ATP since its
initial public offering in February.
Renewable Energy Systems and Cielo Wind Power LLC completed a deal to
construct a wind power facility on King Mountain near McCamey in West Texas.
The companies are based in Austin.
The project will consist of 214 wind turbines with capacity to produce 278.2
megawatts. The amount is enough to supply power to around 139,100 homes. It
will save, over its 20-year life, the emission of nearly 20 million tons of
carbon dioxide, the companies said.
Bonus A/S of Denmark will supply the wind turbines, which produce 1.3
megawatts of power each.
Electricity generated by the facility will be sold to Reli

3 billion power project in Maharashtra is the
biggest


Message-ID: <1507249.1075862452582.JavaMail.evans@thyme>
Date: Wed, 21 Nov 2001 19:02:16 -0800 (PST)
From: webmaster@cera.com
To: clients@cera.com
Subject: Falling Gas Prices Trigger Active Rig Count Decline - CERA Decision
 Brief
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X-From: webmaster@cera.com@ENRON
X-To: clients@cera.com
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X-Folder: \VKAMINS (Non-Privileged)\Kaminski, Vince J\Deleted Items
X-Origin: Kaminski-V
X-FileName: VKAMINS (Non-Privileged).pst

Title: Drilling Activity Downturn Means Tighter Gas Supply
URL(s):

http://www.cera.com/eprofile?u=35&m=2808;

***********************************************************************

FALLING GAS PRICES TRIGGER ACTIVE RIG COUNT DECLINE

The economic downturn, lower industrial demand, moderate weather, and falling
gas prices have combined to hit gas-directed drilling activity hard. Gas prices
briefly fell below $2.00 per MMBtu in October. From a midsummer peak of 1,068
gas-directed rigs, the US industry active rig count plummeted to 834 by
November 9 and could fall as low as 700-750. Producers' drilling plans for the
2002 budget year are already being curtailed.

*  The drilling downturn could mean as many as 8,000 fewer gas wells in the
United States over the next 12 months and 1.5 to 2.0 billion cubic feet per day
of lost production.

*  The majority of the activity reduction is onshore, but the significant drop
in Gulf of Mexico shallow shelf drilling will have a huge impact on productive
capacity.

*  Gas supply could be extremely tight once again next year just as the economy
recovers, and gas demand is expected to rebound with it.

**end**

Follow above URL for complete report.

E-mail Category: Decision Brief
CERA Knowledge Area(s): North American Gas

***********************************************************************
**************************************************************************************
CERAWeek February 11-15, 2002 - http://www.cera.com/ceraweek

SPECIAL OFFER: Register on-line before November 30th, and a 2-Day Pass
will be upgraded to a 4-Day Pass (maximum $1,800 value).
Day 1: Global Oil/Refined Products;
Day 2: Natural Gas/Global Energy;
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This electronic message and attachments, if any, contain information
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Copyright 2001. Cambridge Energy Research Associates


Message-ID: <19666210.1075852093743.JavaMail.evans@thyme>
Date: Fri, 18 May 2001 01:52:00 -0700 (PDT)
From: ena.relations@enron.com
To: all_ena_egm_eim@enron.com
Subject: EnTouch Newsletter
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X-From: ENA Public Relations <ENA Public Relations@ENRON>
X-To: All_ENA_EGM_EIM <All_ENA_EGM_EIM@ECT>
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BUSINESS HIGHLIGHTS

Enron Industrial Markets
Enron Industrial Markets announced the signing of definitive agreements with Huntco, Inc. under which over a 15-year period Enron will provide inventory price risk management services and will eventually provide more than 600,000 tons per year of hot-rolled, cold-rolled and galvanized steel products to Huntco Steel.  The agreements provide Enron access to Huntco's network of steel distribution centers nationwide.  The agreements also provide for Enron's acquisition of Huntco's cold rolling and certain coil pickling operations in Blytheville, Arkansas.

These transactions with Huntco have the potential to fundamentally change the way steel is bought and sold in the United States.  It gives Enron immediate access to physical steel and positions Enron geographically to serve the steel industry in a variety of ways.  In addition to providing physical products on both a spot and term basis, EIM's goals for the steel industry include developing commodity risk management products, providing structured finance products and establishing the market-making capabilities that Enron has brought to the natural gas, power and other commodity markets.

Enron North America-Upstream Products
Upstream Products has partnered with Duke Energy Field Services (DEFS) to close a 20-year NGL exchange and transportation deal with Formosa Hydrocarbons and Williams Energy Field Services to handle raw make product from the Williams Markham plant. Formosa Hydrocarbons is building a 40,000 BPD fractionator to handle this and other Gulf Coast NGL production.  The accompanying pipeline will be known as the Seabreeze pipeline system and will be constructed by DEFS. Texas Brine LLC will provide NGL storage services for Formosa Hydrocarbons on this system. Primary production for this system is coming from the Boomvang Nansen field in the deepwater GOM and will be the first deepwater GOM production to come onshore in Texas.
Upstream Products has also worked to arrange a 20-year transportation lease agreement on the Dean Pipeline (owned by TEPPCO) for refinery grade propylene service to be utilized by Formosa Plastics. Coupled with this transaction, Enron Clean Fuels has entered into a propylene storage agreement with Formosa Plastics to utilize ECF's Mt. Belvieu storage facilities.  In addition, Enron Global Markets has been able to amend its current transportation agreement with TEPPCO to prematurely terminate a take-or-pay obligation and realize additional transportation revenues from interim NGL production coming from the Williams Markham to be delivered to Mt. Belvieu.
Upon close, Upstream Products was monetized out of its initial position by DEFS and retained a risk-free net profits position on the Seabreeze Pipeline going forward for an additional 20,000-40,000 BPD of excess capacity on the system.
ENA West Power
Southwest Power, an ENA affiliate, signed a 222MW 15-year tolling agreement with Allegheny Energy Supply for all of the output of Southwest's Las Vegas expansion project, scheduled for completion in September, 2002.  With the tolling agreement done and construction underway, the project will now be marketed to qualified generators.

IN THE NEWS

"To truly understand Enron's Jeffrey Skilling - the hypersmart, hyperconfident chief executive of what may now be the largest energy trading company on the planet - head to your local video store and check out that classic American cine


Message-ID: <31462385.1075845426139.JavaMail.evans@thyme>
Date: Tue, 5 Jun 2001 15:55:00 -0700 (PDT)
From: david.forster@enron.com
To: john.cummings@enron.com
Subject: RE: John Cummings Update
Cc: andy.zipper@enron.com
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X-From: Forster, David </O=ENRON/OU=NA/CN=RECIPIENTS/CN=DFORSTER>
X-To: Cummings, John </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jcummin>
X-cc: Zipper, Andy </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Azipper>
X-bcc:
X-Folder: \Zipper, Andy\Zipper, Andy\Inbox
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X-FileName: Zipper, Andy.pst

John,

Thanks for the update. You're certainly hitting the pavement!

Let's get together regarding Koch and Tauber's confidentiality concerns. I think we should be able to give them some comfort in this regard.

Please advise Koch that they do not need to "make markets" on EnronOnline. Our proposal gives them the right, but not the obligation, to post prices and volumes on the bid and/or offer side of the products they choose within the list we agree on.

Dave

 -----Original Message-----
From: 	Cummings, John
Sent:	Tuesday, June 05, 2001 1:39 PM
To:	Zipper, Andy; Forster, David
Subject:	John Cummings Update

Andy & Dave

This is to update you on a few meetings I have had and update you on my activities.

Last week I met with:
Neste Petroelum - Their US Activities are not very applicable, but they are the Finnish National Oil Company and the trader I met with felt there may be some application with their physical European business.  They are a big producer of "clean" gasoline and diesel that goes into the EU.  He is going to supply an appropriate contact.

Martin Resources - This is a medium size private company and the result of this meeting beyond general market intelligence was a possible interest in showing one market for sulfuric acid, which is a market where they have a Gulf Coast franchise.  My contact who is one of the owners and he will revert after having interanl discussions

Enterprise - This meeting got postpones until this coming Friday due to a crisis they had.  I did spend a little time with Monty Wells (I think that was his names)  who is the SVP incharge of the NGL's.  I only presented the idea briefly for him tho think about.  My meeting on Friday is with Jim Teague, President & CEO of Enterprise NGL division.

Tauber - Tauber is a medium sized trading company with $1 Billion in Revenues.  they are active in Petrochemicals, NGL, Refined Products, and heavy oils.  There was an interest and Tauber is an active EOL user and fan.  My contact Scott Posednik runs the Petrochemical book and his biggest deal breaker was the security of the transaction information.  He indicated the 1% chance that one of the EOL people with access to their data could share that with the commercial groups is a concern.  He is going to discuss this with his colleagues and come back to us with their interest.  They do a lot of trading in physical Raffinates, Naphtha, etc.

Koch Hydrocarbons - This meeting was well timed as they are actively looking at their e-commerce startegy.  I met with Mark Dobbins SVP -Trading and Ron Baker who runs their Olephins and NGL books.  Their biggest hurdle is going to be getting comfortable making markets.  Another issue will how the credit matrix works.  It appears if they did something that they might need something a little more sophistacated than the basic offering.  One final issue will be the reps and warranties made by Enron contractually as to the sharing of information with our business groups and the security of the data.  They have apparently had an ordeal negotiating their master agreements to transact on EnronOnline and are warry of Enron's contracts.   They are going to have some internal discussions and revert next week.

Shell Us Trading (SUSCO) - I had a very good conversation with Steven Murray and he was supposed to get back with me early this week about setting up


Message-ID: <13956457.1075853232890.JavaMail.evans@thyme>
Date: Fri, 29 Dec 2000 01:16:00 -0800 (PST)
From: alan.comnes@enron.com
To: susan.mara@enron.com
Subject: Re: There is No Christmas for CA -- NEW FERC Filings
Cc: richard.shapiro@enron.com, james.steffes@enron.com, joe.hartsoe@enron.com,
	sarah.novosel@enron.com, mary.hain@enron.com, tim.belden@enron.com,
	jeff.dasovich@enron.com, sandra.mccubbin@enron.com,
	donna.fulton@enron.com, david.parquet@enron.com,
	christopher.calger@enron.com, gfergus@brobeck.com,
	christian.yoder@enron.com, richard.sanders@enron.com,
	robert.badeer@enron.com, jeff.richter@enron.com,
	chris.foster@enron.com, dennis.benevides@enron.com,
	jubran.whalan@enron.com, neil.bresnan@enron.com,
	roger.yang@enron.com, rcarroll@bracepatt.com
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: quoted-printable
Bcc: richard.shapiro@enron.com, james.steffes@enron.com, joe.hartsoe@enron.com,
	sarah.novosel@enron.com, mary.hain@enron.com, tim.belden@enron.com,
	jeff.dasovich@enron.com, sandra.mccubbin@enron.com,
	donna.fulton@enron.com, david.parquet@enron.com,
	christopher.calger@enron.com, gfergus@brobeck.com,
	christian.yoder@enron.com, richard.sanders@enron.com,
	robert.badeer@enron.com, jeff.richter@enron.com,
	chris.foster@enron.com, dennis.benevides@enron.com,
	jubran.whalan@enron.com, neil.bresnan@enron.com,
	roger.yang@enron.com, rcarroll@bracepatt.com
X-From: Alan Comnes
X-To: Susan J Mara
X-cc: Richard Shapiro, James D Steffes, Joe Hartsoe, Sarah Novosel, Mary Hain, Tim Belden, Jeff Dasovich, Sandra McCubbin, Donna Fulton, David Parquet, Christopher F Calger, gfergus@brobeck.com@ENRON, Christian Yoder, Richard B Sanders, Robert Badeer, Jeff Richter, Chris H Foster, Dennis Benevides, Jubran Whalan, Neil Bresnan, Roger Yang, rcarroll@bracepatt.com, janet butler@enron
X-bcc:
X-Folder: \Richard_Sanders_Oct2001\Notes Folders\Iso_ pricecaps
X-Origin: Sanders-R
X-FileName: rsanders.nsf

Here is another hefty ISO  filing that came in this week.  Please let Sue o=
r=20
I know if you believe we should intervene/protest.

Alan Comnes

Summary of ISO Amendment 34:

Filed: December 28

Effective Date: 1/1/01 (expedited treatment requested)

Protests Due: January 17? (need to confirm this)

Filing in a Nutshell: The ISO states that the purpose of the amendment is t=
o=20
clarify certain issues associated with implementation of the new transmissi=
on=20
Access Charge methodology it orginally proposed in Amendment No. 27.=20
(According to the ISO, Amendment 27 has been accepted for filing, suspended=
,=20
and set for hearing.  Settlement negotiations are ongoing.  (Is Enron a par=
ty=20
to these settlements?)) In addition, the ISO provides new transmission Acce=
ss=20
Charge (TAC) rates that will be in effect if the Commission approves the Ci=
ty=20
of Vernon joining the ISO effective January 1, 2001 and the amount of Firm=
=20
Transmission Rights that will be given to Vernon in accordance with the ISO=
=20
Tariff.

Specific Proposed Changes

Clarification of Wheeling Access Charge Quantity

The ISO proposes that these provisions be clarified to specify that in the=
=20
determination of the Wheeling Access Charge, the proper calculation is to u=
se=20
transmission facility ownership and Entitlements less all Encumbrances. =20
Encumbrances include transmission used to meet demands of existing=20
contracts.  This is how the ISO is currently calculating this charge and th=
e=20
ISO appears to be using this filing to codify this method.

New HV TAC Rates Using Year-1 of the ISO=01,s Proposed Transmission Methodo=
logy

The current Access Charge methodology consists of three separate zone rates=
=20
based on the Transmission Revenue Requirement of the Original Participating=
=20
TO.  Because each zone corresponds to the service territory of the TO, they=
=20
are known as =01&license plate=018 rates.  Under Amendment No. 27, this met=
hodology=20
continues in e


Message-ID: <4307886.1075859662352.JavaMail.evans@thyme>
Date: Mon, 13 Nov 2000 04:48:00 -0800 (PST)
From: smarra@isda.org
To: gilbert_adam@jpmorgan.com, arothrock@pattonboggs.com,
	charlessmithson@mindspring.com, chi-wing.yuen@aig.com,
	damian.kissane@db.com, dcunning@cravath.com,
	mengle_david@jpmorgan.com, dennis.oakley@chase.com,
	dmoorehead@pattonboggs.com, donna.matthews@ubsw.com,
	douglas.bongartz-renaud@nl.abnamro.com, ernest.patrikis@aig.com,
	francois@us.cibc.com, h.ronald.weissman@arthurandersen.com,
	henning.bruttel@dresdner-bank.com, hiroyuki_keisho@sanwabank.co.jp,
	isdalondon@isda.org, goldenj@allenovery.com,
	jerry.delmissier@barclayscapital.com, jonm@crt.com,
	jhb1@bancosantander.es, evangelisti_joe@jpmorgan.com,
	jcohn@cravath.com, kazuhiko_koshikawa@sanwabank.co.jp,
	kbailey2@exchange.ml.com, ksumme@isda.org, losullivan@isda.org,
	lmarshall@isda.org, maria.rosario@db.com, mcresta@cravath.com,
	marjorie.b.marker@arthurandersen.com, brickell_mark@jpmorgan.com,
	mark.e.haedicke@enron.com, mark.wallace@wdr.com,
	mcunningham@isda.org, masashi_yamagata@sanwabank.co.jp,
	maurits.schouten@csfb.com, milphil@gateway.net,
	paul.zz_wilkinson@wdr.com, quentin_hills@hk.ml.com, rgrove@isda.org,
	robert.mackay@nera.com, markb@cibc.ca, rpickel@isda.org,
	rryan@isda.org, rainslie@isda.org, sebastien.cahen@socgen.com,
	shawn@blackbird.net, skawano@isda.org, shigeru_asai@sanwabank.co.jp,
	scarey@isda.org, stevenkennedy@kennedycom.com,
	steve_targett@nag.national.com.au, teruo.tanaka@ibjbank.co.jp,
	tom.montag@gs.com, twerlen@cravath.com, tim.fredrickson@ubsw.com,
	fwhx9396@mb.infoweb.ne.jp, yhoribe@isda.org,
	yasumasa.nishi@ibjbank.co.jp, yoshitaka_akamatsu@btm.co.jp
Subject: Press Report for 11/13
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Scott Marra <SMARRA@isda.org>
X-To: "'gilbert_adam@jpmorgan.com'" <gilbert_adam@jpmorgan.com>, Aubrey Rothrock <arothrock@pattonboggs.com>, "'Charles Smithson'" <charlessmithson@mindspring.com>, "'chi-wing.yuen@aig.com'" <chi-wing.yuen@aig.com>, Damian Kissane <damian.kissane@db.com>, Daniel Cunningham <dcunning@cravath.com>, "'David Mengle (JP Morgan)'" <mengle_david@jpmorgan.com>, Dennis Oakley <dennis.oakley@chase.com>, Don Moorehead <dmoorehead@pattonboggs.com>, "'Donna.Matthews@ubsw.com'" <Donna.Matthews@ubsw.com>, Douglas Bongartz-Renaud <douglas.bongartz-renaud@nl.abnamro.com>, Ernest Patrikis <ernest.patrikis@aig.com>, "'George Francois (CIBC)'" <francois@us.cibc.com>, "H.Ronald Weissman" <h.ronald.weissman@arthurandersen.com>, Henning Bruttel <Henning.Bruttel@dresdner-bank.com>, Hiroyuki Keisho <Hiroyuki_Keisho@sanwabank.co.jp>, ISDA LONDON OFFICE <ISDALONDON@isda.org>, Jeff Golden <goldenj@allenovery.com>, Jerry del Missier <jerry.delmissier@barclayscapital.com>, Jonathan Moulds <jonm@crt.com>, Jose Manuel Hernandez-Beneyto <jhb1@bancosantander.es>, "'Joseph Evangelisti (JP Morgan)'" <evangelisti_joe@jpmorgan.com>, Josh Cohn <jcohn@cravath.com>, Kazuhiko Koshikawa <kazuhiko_koshikawa@sanwabank.co.jp>, Keith Bailey <kbailey2@exchange.ml.com>, Kimberly Summe <KSumme@isda.org>, "Liz O'Sullivan" <LOSULLIVAN@isda.org>, Louise Marshall <LMarshall@isda.org>, "'Maria.Rosario@db.com'" <Maria.Rosario@db.com>, "'Marjorie Cresta (Cravath)'" <mcresta@cravath.com>, Marjorie Marker <marjorie.b.marker@arthurandersen.com>, Mark Brickell <brickell_mark@jpmorgan.com>, Mark Haedicke <Mark.E.Haedicke@enron.com>, "'Mark Wallace (Warburg)'" <mark.wallace@wdr.com>, Mary Cunningham <MCUNNINGHAM@isda.org>, "'masashi_yamagata@sanwabank.co.jp'" <masashi_yamagata@sanwabank.co.jp>, Maurits Schouten <maurits.schouten@csfb.com>, "'Michael Iver'" <milphil@gateway.net>, Paul Wilkinson <paul.zz_wilkinson@wdr.com>, "'Quentin Hills'" <Quentin_hills@hk.ml.com>, Richard Grove <RGROVE@isda.org>, Robert Mackay <robert.mackay@nera.com>, Robert Mark <markb@cibc.ca>, Robert Pickel <RPICKEL@isda.org>, Rosemary Ryan <RRYAN@isda.org>, Ruth Ainsl

2005 could be
missed unless the EU adopted the groups fast


Message-ID: <17465269.1075863715368.JavaMail.evans@thyme>
Date: Thu, 29 Jun 2000 04:46:00 -0700 (PDT)
From: office.chairman@enron.com
To: esop.a.@enron.com
Subject: EnronOptions - Your Stock Option Program
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: quoted-printable
X-From: Office of the Chairman
X-To: ESOP All Enron N. A.
X-cc:
X-bcc:
X-Folder: \Scott_Neal_Jun2001\Notes Folders\Discussion threads
X-Origin: Neal-S
X-FileName: sneal.nsf

It is amazing and yet not surprising how much Enron has accomplished in the=
=20
first six months of this year. You continue to make it happen.  We recogniz=
e=20
that you work hard every day to accomplish Enron=01,s business goals, and w=
e are=20
pleased that many of you have shared in the company=01,s financial success=
=20
through Enron stock options.=20

As you may know, the current employee stock option program (also known as t=
he=20
All Employee Stock Option Program or AESOP) began in 1994 and provided valu=
e=20
to participants through 2000.  Employees who have participated in this=20
program from its inception have realized a 1,119% increase in the value of=
=20
their stock options (assuming a stock price of $70) over the life of the=20
program.  =20

Enron stock options are a valuable part of your total compensation package=
=20
and a contributing factor to your performance and to Enron=01,s continued=
=20
success.  Therefore, the Enron Executive Committee and the Compensation and=
=20
Management Development Committee of the Enron Board of Directors have decid=
ed=20
to continue to offer stock options as a part of your compensation package.

On May 1, 2000, the Committee approved an employee stock option program for=
=20
calendar years 2001 - 2005 (EnronOptions =01) Your Stock Option Program).  =
It is=20
expected that EnronOptions =01) Your Stock Option Program will be granted,=
=20
effective on or about December 29, 2000, for those employees who are eligib=
le=20
on that date (please see note below).  The new program, which is subject to=
=20
final approval by Enron=01,s Board of Directors, is as follows:

? EnronOptions =01) Your Stock Option Program will give stock options to=20
eligible full-time and part-time regular employees in domestic and=20
international companies/locations.
? The grant of non-qualified stock options will equal 25% of annual base=20
salary (5% of annual base salary for each year of a 5-year period) on=20
December 29, 2000. (Salary calculation and value may vary in some=20
international locations.)
? The Board will grant the stock options on December 29, 2000.
? Eligible employees hired in subsequent years will receive a prorated gran=
t=20
of stock options.

Why commit your talent and energy to Enron?  EnronOptions =01) Your Stock O=
ption=20
Program, among other good reasons=01( that=01,s why.

In the coming weeks, you will be receiving more details about EnronOptions =
=01)=20
Your Stock Option Program.  To provide information and answer your question=
s,=20
we will introduce a special link on the Human Resources web-site, host=20
several eSpeak sessions and continue to communicate with you on a regular=
=20
basis.  In the meantime, if you have immediate questions, please contact yo=
ur=20
Human Resources representative.=20

Note: In addition to final approval by Enron=01,s Board of Directors, grant=
ing=20
of options will be subject to New York Stock Exchange and state and federal=
=20
regulatory requirements.  It is expected that EnronOptions =01) Your Stock=
=20
Option Program will be available to most Enron employees; however, some Enr=
on=20
companies=01, employees may not be eligible due to legal, accounting, tax, =
labor=20
or business issues.  As you know, Enron changes to meet the needs of the=20
marketplaces we serve.  Given that need to change, we will continue to refi=
ne=20
the eligibility for EnronOptions =01) Your Stock Option Program and will=20
communicate more details throughout the ye

Office of the Chairman
ESOP All Enron N. A.


Message-ID: <23452471.1075853149794.JavaMail.evans@thyme>
Date: Tue, 16 Oct 2001 11:49:08 -0700 (PDT)
From: cboyd@localok.com
To: bandrews@localok.com
Subject: FW: Bad American
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Chris Boyd <cboyd@localok.com>@ENRON
X-To: Bill Andrews <bandrews@localok.com>
X-cc:
X-bcc:
X-Folder: \MCARSON2 (Non-Privileged)\Carson, Mike\Inbox
X-Origin: Carson-M
X-FileName: MCARSON2 (Non-Privileged).pst

Armstrong....this is all for you.
CB
BAD AMERICAN
Date: Fri, 29 Jun 2001 Written by Ted Nugent, the rock singer
and hunter/naturalist, upon hearing that California
Senators B. Boxer and D. Feinstein denounced him for being a
"gun owner" and a "Rock Star".
This was his response after telling the senators about his past
contributions to children's charities and scholarship foundations
which have totaled more than $13.7 million in the last 5 years!!
"I'm a Bad American-this pretty much sums it up for me. I like
big trucks, big boats, big houses, and naturally, pretty women.
I believe the money I make belongs to me and my family, not
some midlevel governmental functionary with a bad comb-over
who wants to give it away to crack addicts squirting out babies.
I don't care about appearing compassionate. I think playing
with toy guns doesn't make you a killer. I believe ignoring
your kids and giving them Prozac might.
I think I'm doing better than the homeless.
I don't think being a minority makes you noble or victimized.
I have the right not to be tolerant of others because they are
different, weird or make me mad. This is my life to live, and
not necessarily up to others expectations.
I know what SEX is and there are not varying degrees of it.
I don't celebrate Kwanzaa. But if you want to that's fine;
I just don't feel like everyone else should have to.
I believe that if you are selling me a Dairy Queen shake, a
pack of cigarettes, or hotel room you should do it in English.
As of matter of fact, if you are an American citizen you should
speak English. My uncles and forefathers shouldn't have had
to die in vain so you can leave the countries you were born
in to come disrespect ours, and make us bend to your will.
Get over it.
I think the cops have every right to shoot your sorry butt if
you're running from them after they tell you to stop. If
you can't understand the word 'freeze' or 'stop' in English,
see the previous line.
I don't use the excuse "it's for the children" as a shield for
unpopular opinions or actions.
I know how to count votes and I feel much safer letting a
machine with no political affiliation do a recount when needed.
I know what the definition of lying is, and it isn't based on
the word "is"-ever.
I don't think just because you were not born in this country,
you qualify for any special loan programs, gov't sponsored
bank loans, etc., so you can open a hotel, 7-Eleven, trinket shop,
or any thing else, while the indigenous peoples can't get past
a high school education because they can't afford it.
I didn't take the initiative in inventing the Internet.
I thought the Taco Bell dog was funny.
I want them to bring back safe and sane fireworks.
I believe no one ever died because of something Ozzy Osbourne,
Ice-T or Marilyn Manson sang, but that doesn't mean I want to
listen to that crap from someone else's car when I'm stopped at a
red light. But I respect your right to.
I think that being a student doesn't give you any more enlightenment
than working at Blockbuster or Jack In The Box.
I don't want to eat or drink anything with the words light, lite
or fat-free on the package.
Our soldiers did not go to some foreign country and risk their
lives in vain and defend our Constitution so that decades later
you can tell me it's a living document ever changing and is open
to interpretation. The guys who wrote it were light years
ahead of anyone today, and they meant what they said - now
leave the document alone, or there's going to be troubl


Message-ID: <25172616.1075852059669.JavaMail.evans@thyme>
Date: Thu, 1 Feb 2001 15:49:00 -0800 (PST)
From: enron.announcements@enron.com
To: all_ena_egm_eim@enron.com
Subject: EnTouch Newsletter
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: quoted-printable
X-From: Enron Announcements
X-To: All_ENA_EGM_EIM
X-cc:
X-bcc:
X-Folder: \Thoms_Martin_Nov2001\Notes Folders\All documents
X-Origin: MARTIN-T
X-FileName: tmartin.nsf

BUSINESS HIGHLIGHTS

Industrial Markets
Enron Industrial Markets announced Tuesday, January 30, 2001, that it has=
=20
signed a definitive agreement with Daishowa North America Corporation to=20
purchase Daishowa Forest Products Ltd., a holding company for its Quebec=20
City, Canada newsprint mill and related assets.

West Power Origination
ENA West Power commenced construction on its 225MW Fountain Valley Power=20
Project.  The project, located in Colorado Springs, has an 11-year fixed=20
price PPA with Public Service of Colorado and is being funded off-balance=
=20
sheet in the Turbopark funding vehicle.   The west power origination team=
=20
anticipates closing the sale of the project to a third party in the second=
=20
quarter.

Lumber Origination and Trading
From an origination standpoint, the group has executed a number of long-ter=
m=20
financial and physical transactions since March 2000.  The lumber group has=
=20
grown to 10 people including 3 physical/cash lumber traders with a combined=
=20
total of 50 years industry experience.  Currently they are trading 1500-200=
0=20
transactions per month.  Additional cash traders by Q2 will substantially=
=20
enhance the cash desk.  Financial trading activities include both derivativ=
e=20
transactions and a substantial position in the futures market.  Increased=
=20
liquidity in both financial and physical trading will lead to more structur=
ed=20
transactions.

Competitive Analysis and Business Controls
Enron America's eSource, Enron's premier corporate-wide research group,=20
launched their new intranet product, eSearch, on December 8, 2000.  In that=
=20
time, there have been over 108,000 hits on the eSearch site. eSource's=20
researchers have assisted hundreds of employees across business units with =
a=20
wide variety of projects.  We have provided our customers with information=
=20
essential to entering a new market: industry analysis and overviews, and=20
insight into the people running a company and their policies.  We do whatev=
er=20
it takes to help our customer gain a competitive advantage.

eSource is promoting various research databases by featuring training=20
sessions and vendor presentations. We are currently working with additional=
=20
vendors to bring Enron employees customized sites and additional resources.=
 =20

Employees can use the web site (http://esource.enron.com) to conduct their=
=20
own research or as a vehicle to submit research requests.  eSource's=20
researchers and industry specialists are available to all Enron business=20
units to provide timely and cost-efficient research, to work with individua=
ls=20
or groups to fulfill one time research requests, or to design ongoing,=20
customized monitoring projects or news updates.

Principal Investments
The Principal Investments Group completed two investments totaling $14.6=20
million in the fourth quarter of 2000 in the following companies:

Tridium, Inc.: a framework, software and services company whose main produc=
t=20
is used in the building automation, industrial automation and energy=20
management markets.  Enron Energy Services is an important customer and use=
s=20
Tridium's Niagara Framework(TM) to remotely monitor and control the energy=
=20
infrastructure at over 10,000 client sites. =20

iMedeon, Inc.: a leading provider of web-based workforce commerce solutions=
=20
designed to enable and optimize mobile workforce operations, and to make=20
customer service a competitive advantage.  The company's product line is u

20
She is also a 1995 and 2000 World Cup Gold Medallist.


Message-ID: <14767514.1075852472632.JavaMail.evans@thyme>
Date: Wed, 8 Aug 2001 17:10:58 -0700 (PDT)
From: c..williams@enron.com
To: janet.dietrich@enron.com, lamar.frazier@enron.com, andrew.wu@enron.com,
	d..steffes@enron.com, kevin.keeney@enron.com,
	ronald.adzgery@enron.com
Subject: EES Billing Issues
Cc: vicki.sharp@enron.com, b..sanders@enron.com, e..haedicke@enron.com,
	lisa.mellencamp@enron.com, michael.tribolet@enron.com,
	wanda.curry@enron.com, diann.huddleson@enron.com
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: quoted-printable
Bcc: vicki.sharp@enron.com, b..sanders@enron.com, e..haedicke@enron.com,
	lisa.mellencamp@enron.com, michael.tribolet@enron.com,
	wanda.curry@enron.com, diann.huddleson@enron.com
X-From: Williams, Robert C. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=RWILLIA2>
X-To: Dietrich, Janet </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=384eca1e-36846ef5-62569fb-57dcf1>, Frazier, Lamar </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=3f111304-72dee4ff-8625699e-522b69>, Wu, Andrew </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=a5ae87b2-e720b118-8625653f-7122b7>, Steffes, James D. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jsteffe>, Keeney, Kevin </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=d0a2a144-d34cf2f4-8625693b-54ed32>, Adzgery, Ronald </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=37aea41-80c0e89d-862568aa-59063b>
X-cc: Sharp, Vicki </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=dc350363-f761e300-862564c2-54998e>, Sanders, Richard B. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Rsander>, Haedicke, Mark E. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mhaedic>, Mellencamp, Lisa </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Lmellen>, Tribolet, Michael </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtribole>, Curry, Wanda </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Wcurry>, Huddleson, Diann </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=42fc33c8-1b17856e-86256583-4c4c89>
X-bcc:
X-Folder: \JSTEFFE (Non-Privileged)\Steffes, James D.\California Issues
X-Origin: Steffes-J
X-FileName: JSTEFFE (Non-Privileged).pst

Privileged and Confidential Attorney-Client Communication

This is to recap our discussion today about two billing issues--recoupment =
of the PX Credit and the $10 surcharge.  I would appreciate it if those of =
you with more first-hand information, particularly Wanda and Diann, correct=
 or clarify anything I've misstated.  Also, please forward this to anyone e=
lse with an interest in this matter.

A.  Recoupment of the PX Credit (also known as the "Negative CTC")

     1.  Background:  The issue here relates to the fact that PG&E and SCE =
are no longer reflecting credit balances on the bills for our customers.  P=
rior to our returning the customers to bundled service in March, the bills =
would reflect the PX Credit as an offset to T&D charges.  SCE and PG&E have=
 now removed the PX Credit from the bill and are attempting to charge us fo=
r T&D, despite the fact that they owe us hundreds of millions of dollars in=
 PX Credits.  This is potentially harmful particularly in view of the opini=
on of perhaps three of the Commissioners that the PX Credit can only be col=
lected as a bill credit, and not in cash.  Mike Day, our regulatory lawyer,=
 expressed his strong opinion that removing the Credit from the bills was i=
mproper, and that we should challenge the action by making a filing with th=
e CPUC.  Note:  the PX Credit to which I am referring here is that which ac=
crued to prior to December 31, 2000; the utilities do not dispute that a PX=
 Credit accrued during that time frame, and there is no dispute as to the p=
roper methodology for computing the PX Credit for that time frame.  Further=
more, PG&E and SCE are in virtual agreement with us as to the amount of the=
 Credit that had accrued as of December 31, 2000.

    2.   Action Items/Issues:  (a)  With respect to SCE, Legal is evaluatin=
g filing a suit in federal court versus filing at the CPUC.  The CPUC has a=
 process whereby we could prevent the utilities from disc


Message-ID: <5716666.1075840775998.JavaMail.evans@thyme>
Date: Fri, 20 Apr 2001 20:08:00 -0700 (PDT)
From: ena.relations@enron.com
To: all_ena_egm_eim@enron.com
Subject: EnTouch Newsletter
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: ENA Public Relations <ENA Public Relations@ENRON>
X-To: All_ENA_EGM_EIM <All_ENA_EGM_EIM@ECT>
X-cc:
X-bcc:
X-Folder: \vkamins\c:\mangmt\ENE/ECT
X-Origin: KAMINSKI-V
X-FileName: vincent kaminski 1-30-02.pst

BUSINESS HIGHLIGHTS

Enron Industrial Markets
Metal Bulletin - Iron and Steel Awards for 2000
Pushiest Entrant: Enron, the US commodity trading company, which promised it would revolutionize the steel business by offering futures in hot rolled coil via its online market place.

The EIM Fundamentals Analysis group is excited to announce that Dave Allan has joined as a Director, responsible for all Forest Products lines.  He comes to EIM with 20 years of experience in the Forest Products industry, of which 14 were spent at Abitibi and 6 with Pulp and Paper Week.  Please join us in welcoming Dave.

The Siebel Team ("The Force") continues to work towards program implementation of its customer management system in early May, with training to begin at the end of April.  Stay tuned for updates.

Enron Global LNG
Enron Global LNG is positioning itself to be a creator and leader of a global wholesale LNG market.  The rising prices of natural gas in the United States and concerns over future energy supplies have created a bullish outlook for LNG in the U.S. and around the globe.   LNG has played a major role in serving energy needs in many parts of the world, but its place in the U.S. energy picture has been limited. An LNG market that spans the globe can supply vast amounts of otherwise stranded gas to the world's growing appetite for cleaner burning fuels.   Enron Global LNG sees great opportunity for Enron's wholesale energy business model to help shape yet another energy market.

IN THE NEWS

Enron Corp. Says First-Quarter Profit Rose 20 Percent
Houston, April 17 (Bloomberg) -- Enron Corp., the largest energy trader, said first-quarter profit rose 20 percent as sales almost quadrupled. Profit from operations rose to $406 million, or 47 cents, from $338 million, or 40 cents, in the year-earlier period.  Enron raised its 2001 profit forecast to $1.75 to $1.80 a share, from its January projection of $1.70 to $1.75.

First-quarter revenue surged to $50.1 billion from $13.1 billion as Enron boosted the volume of power sold in North America by 90 percent. Enron had a first-quarter gain of $19 million, or 2 cents a share, for an accounting change, making net income $425 million, or 49 cents a share. There were no charges or gains in the year-earlier period.

WELCOME
New Hires
EGM - Janelle Russell,
EIM   - David Allan, Sylvia Carter
ENA  - Sasha Divelbiss, Amy Quirsfeld, Judy Zhang, Annette Thompson, Kelly Donlevy-Lee, Grant Patterson

Transfers (to or within)
ENA - William Abler, Magdalena Cruz, Barbara Taylor, James Reyes, Marvin Carter, Angel Tamariz, Jesse Bryson
EIM - Cassandra Dutton, Christine Sullivan, Camille Gerard, Sherri Kathol, Jennifer Watson
EGM - Steven Batchelder

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries.  It is intended for internal use only and should not be disclosed.


Message-ID: <16058751.1075856927365.JavaMail.evans@thyme>
Date: Fri, 2 Jun 2000 01:03:00 -0700 (PDT)
From: vince.kaminski@enron.com
To: mike.roberts@enron.com
Subject: US Gas Markets Reach New Heights: Where Will It Stop? - CERA Alert
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Vince J Kaminski
X-To: Mike A Roberts
X-cc:
X-bcc:
X-Folder: \Vincent_Kaminski_Jun2001_8\Notes Folders\Sent
X-Origin: Kaminski-V
X-FileName: vkamins.nsf

FYI

Vine
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 06/02/2000
08:06 AM ---------------------------

webmaster@cera.com on 06/01/2000 10:04:21 PM
To: vince.j.kaminski@enron.com
cc:
Subject: US Gas Markets Reach New Heights: Where Will It Stop? - CERA Alert

**********************************************************************
CERA Alert: Sent Thu, June 01, 2000
**********************************************************************

Title: US Gas Markets Reach New Heights: Where Will It Stop?
Author: N. American Gas Team
E-Mail Category: Alert
Product Line: North American Gas ,
URL: http://www.cera.com/cfm/track/eprofile.cfm?u=5166&m=1221 ,

The US gas market enters the month of June with prices at the highest level
since deregulation. At the Henry Hub prices have surged to between $4.30 and
$4.40 per million British thermal units (MMBtu)--up from less than $3.00 per
MMBtu in April. Behind this has been a building and serious shortfall of
supply, the result of disappointing gas production levels and surging gas
demand for power generation. The gap between these two forces has been met
through storage inventories, with injections so far this spring running
between 1.5 and 2.0 billion cubic feet (Bcf) per day below last year's pace.

The weak injection rate so far this season reinforces the pressure--last
week's injections of only 8.0 Bcf per day compare with last May's injections
of over 10.0 Bcf per day. If this trend were to continue throughout the
summer, gas inventory levels would not meet minimum acceptable levels for
next winter's heating season, which CERA believes to be between 2.65 and 2.7
trillion cubic feet (Tcf) of working gas in storage by October 31. Indeed,
injections for June to October must ramp up to an average of 8.1 Bcf per day,
0.4 Bcf per day higher than last year's rate, for inventories to approach 2.7
Tcf, a level that still exposes the market to shortage late next winter. Even
reaching this level will be a challenge and will require that demand be
priced out of the market. This growing realization has sent the market into a
panic.

Although the forces that have pushed the gas market to this level are not a
surprise--indeed they have been building for over a year--the resulting price
level is shocking nonetheless. It highlights the challenge of pushing prices
high enough to choke off demand and to free gas supplies for storage. Unlike
years past, the gas market pressures this year come at a time when there is
little flexibility in energy markets overall. Indeed, power markets are
headed into the peak summer months with generation capacity still largely
constrained in most markets; this is likely to result in a higher incremental
call on gas than ever before--with only limited ability to switch to
alternative fuels. At the same time oil prices remain above $30 per barrel,
making the cost of switching particularly high. All these forces combine to
suggest that the current market pressure is far from an aberration--and it
raises the question: "Where will it stop?"

There are breaking points in the market that are currently being tested--many
of them involving industrial and feedstock uses of gas. Few of these
currently cost below $4.00 per MMBtu, and many are currently above $5.00 per
MMBtu. How high prices go and how long they stay there depends very much on
the strength of the underlying market pressures. We expect to see the
following reactions:

* Power gene

165 per short ton over the past
0 Bcf per day compare with last


Message-ID: <13161615.1075857870778.JavaMail.evans@thyme>
Date: Wed, 6 Dec 2000 23:38:00 -0800 (PST)
From: enron.announcements@enron.com
To: all_ena_egm_eim@enron.com
Subject: EnTouch
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: quoted-printable
X-From: Enron Announcements
X-To: All_ENA_EGM_EIM
X-cc:
X-bcc:
X-Folder: \Larry_Campbell_Dec2000\Notes Folders\Discussion threads
X-Origin: Campbell-L
X-FileName: lcampbel.nsf

BUSINESS HIGHLIGHTS

Weather Group

Let=01,s give a big round of applause to the Weather Team!  Environmental=
=20
Finance Magazine ranked the weather group #1 in Online Services and #1 Deal=
er=20
in the United States and Europe.  Gary Taylor, manager in weather trading,=
=20
comments, "The "Best Dealer" award reflects our counterparties' appreciatio=
n=20
for the significant effort we have made to drive the growth of our market b=
y=20
making two-sided markets where other companies are only willing to quote=20
either a bid or an offer.  This award also reflects the innovative nature o=
f=20
everyone on our desk, and their ability to price non-standard structures fo=
r=20
our customers.  It is truly a team award.  The "Best Online Dealer" award i=
s=20
simply another testament to the unparalleled success of EnronOnline.  By=20
providing tight, two-way markets online, we have provided two critical=20
elements to generate growth in our market: 1) an element of price discovery=
,=20
and 2) a quick and easy way to transact."

The Weather Risk Management group launched a new product this week:  Power=
=20
Demand swaps.  These contracts use power demand as an index and allow power=
=20
market participants (generators, btu distributors, marketers, etc...) to=20
mitigate volumetric exposures.  The first contract the desk offered is for=
=20
the PJM power pool.  On EnronOnline, weekly swaps are available and the des=
k=20
has placed option contracts on this index in the broker market.  Inquiries=
=20
regarding this product should be directed to Claudio Ribeiro (product=20
manager) x37313, Gary Taylor x31511, or Valter Stoiani x36906.

Competitive Analysis and Business Controls
eSource, Enron's premier corporate-wide research group, launched their new=
=20
intranet product, eSearch, on December 1, 2000.  eSource's team of=20
specialized researchers have created a web site to bring information and=20
research to every employee's desktop.  The eSearch web site offers many lin=
ks=20
to information resources, access to research databases, specialized searche=
s,=20
sites to purchase books, articles, and reports, and training.  Employees ca=
n=20
use the web site to conduct their own research or as a vehicle to submit=20
research requests.  eSource's researchers and industry specialists are=20
available to all Enron business units to provide timely and cost efficient=
=20
research, to work with individuals or groups to fulfill one time research=
=20
requests, or to design ongoing, customized monitoring projects or news=20
updates.

Enron Global Markets Fundamentals
EGM Fundamentals is quickly building a team of expert analysts and associat=
es=20
to work directly with traders and marketers.  The team is already busy=20
analyzing various commodities and market situations.  For example, an=20
initiative is underway to analyze current negative fractionation spreads in=
=20
the market resulting from rising natural gas prices.  Web sites to host thi=
s=20
analytical information are currently in development for all EGM commodities=
. =20
These sites will provide research and analysis, weather, publications, and=
=20
any other information that will assist in decision-making or identification=
=20
of potential commercial opportunities.  For questions or requests regarding=
=20
fundamental research, contact Jennifer Fraser at x34759.  For questions or=
=20
suggestions regarding the web sites, contact Heather Purcell at x54057.

Austin Energy
Austin Energy and Enron Sandhill, L.L.C, a

20
Elliott Katz worked on the GEM migration in Singapore last


Message-ID: <16661642.1075848119336.JavaMail.evans@thyme>
Date: Fri, 8 Dec 2000 06:43:00 -0800 (PST)
From: mark.schroeder@enron.com
To: steven.kean@enron.com
Subject: Re:
Cc: richard.shapiro@enron.com, elizabeth.linnell@enron.com
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: 7bit
Bcc: richard.shapiro@enron.com, elizabeth.linnell@enron.com
X-From: Mark Schroeder
X-To: Steven J Kean
X-cc: Richard Shapiro, Elizabeth Linnell
X-bcc:
X-Folder: \Steven_Kean_June2001_4\Notes Folders\Discussion threads
X-Origin: KEAN-S
X-FileName: skean.nsf

The EU summary is okay for someone wishing to get a quick overview.  A few
errors, though.  Spanish pool is not mandatory.  If you own generation in the
country, you may bypass the pool.  Denmark has more than two generators, as
municipalities own a fair amount of generation.  Finally, the
anti-competitive arrangements in place as "transitional" in The Netherlands
are not touched upon at all.

Interesting omission of Poland from discussion of Central and Eastern Europe,
as it is the most progressive of the countries from the former Communist
sphere.
thanks for sending this along.   mcs

From: Steven J Kean@ENRON on 08/12/2000 08:18 CST
To: Mark Schroeder/LON/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Elizabeth
Linnell/NA/Enron@Enron
cc:

Subject:

----- Forwarded by Steven J Kean/NA/Enron on 12/08/2000 08:18 AM -----

	<Suzanne_Nimocks@mckinsey.com>
	12/07/2000 02:09 PM

		 To: <skean@enron.com>
		 cc:
		 Subject:

I thought that you (or some of your colleagues) might find the attached
update on country by country restructuring to be helpful.
----- Forwarded by Suzanne Nimocks/HOU/NorthAmerica/MCKINSEY on 12/07/2000
01:30 PM -----
       Memorandum

    TO:        Adam Lewis
       Alberto Marchi
       Andrew Hertneky
       Andy Steinhubl
       Angela Kuster
       Anjan Asthana
       Antonio Puron
       Antonio Volpin
       Arne Germeyer
       Arturo Vernon
       Ashutosh Shastri
       B. Venki Venkateshwara
       Barbara Fletcher
       Barbara House
       Ben Joyce
       Bernard Minkow
       Bob Edwards
       Bob Felton
       Boris Galonske
       Brian Schofield
       Brian Tulloh
       Buford Alexander
       Carlo Yu
       Carlos Torres
       Carol B White
       Carolyn Loos
       Cecilia Bergman
       Charlie Taylor
       Christoph Brombacher
       Christoph Grobbel
       Claude Genereux
       Corinne Aigroz
       Csilla Ilkei
       Dalila Villar
       Daniel Poller
       Eileen Burnett-Kant
       Enrique de Leyva
       Eric Bartels
       Eric Hanlon
       Eric Lamarre
       Francis Hodsoll
       Franco Magnani
       Francois Lepicard
       Frank-Detlef Drake
       Frank Weigand
       Gerald Klenner
       German Dominguez
       Gerrit van Geyn
       GIANCARLO GHISLANZONI
       Gjermund _ydvin
       Glenn Payne
       Helen Warwick
       Hugo Baquerizo
       Humayun Tai
       Ignacio Quesada
       Intam Rinawati Dewi
       Ivo Bozon
       Jaap Kalkman
       Jan Christer Tryggestad
       Jason Hicks
       Jason Rabbino
       Javier San Felix
       Jeff Walker
       Jessica Ciccone
       Jessica O'Connor-Petts
       Jim Ayala
       Jim Bowen
       Jim Humrichouse
       Jim O'Reilly
       Jim Robb
       Joan Westmoreland
       Joelle Gatineau
       Jon Zagrodzky
       Jonathan Woetzel
       Jorge Fergie
       Jose Federico Castillo
       Jose Maria del Aguila
       Jourik Migom
       Jud Morrison
       Judith Lezaun
       Judy Wade
       Karel Tutein Nolthenius
       Keith . Leslie
       Kelly Kienzle
       Ken Ostrowski
       Kristina Kalinova
       Jyoti Suri
       Lar Bradshaw
       Leonardo Senni
       Leonhard Birnbaum
       Les Silverman
       Linda Mansfield
       Lisa Schwallie
       Luca D'Agnese
       Luis Troyano
       Marcelino Susas
       Marina Ospina
       Mark Ellis
       Marko Schulz
       Marla Aizenshtat

2004 either to sell one business type or
              to set up a separate trust


Message-ID: <22766953.1075848107949.JavaMail.evans@thyme>
Date: Fri, 20 Oct 2000 02:59:00 -0700 (PDT)
From: steven.kean@enron.com
To: maureen.mcvicker@enron.com
Subject: Economics Study on Proposed Houston SIP--Preliminary Results
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Steven J Kean
X-To: Maureen McVicker
X-cc:
X-bcc:
X-Folder: \Steven_Kean_June2001_4\Notes Folders\Discussion threads
X-Origin: KEAN-S
X-FileName: skean.nsf

calendar
----- Forwarded by Steven J Kean/NA/Enron on 10/20/2000 09:59 AM -----

	Rob Bradley
	10/19/2000 12:53 PM

		 To: Michael Terraso/OTS/Enron@ENRON
		 cc: Steven J Kean/NA/Enron@Enron, Joe Allen/NA/Enron@Enron, Kenneth
Lay/Corp/Enron@ENRON
		 Subject: Economics Study on Proposed Houston SIP--Preliminary Results

You might mark your calendar for a lunch (12-1:30) at the Hyatt downtown on
Wednesday December 13 where Barton Smith of UH and George Tolley of the U. of
Chicago will present the findings of their economic study.  The Houston Forum
event will be part of the Kenneth L. Lay Lecture Series in Global Economics
at the University of Houston.  (I will have a table for Enron.)

The authors presented their preliminary results to us this week, and the
total benefits of the planned ozone reduction (all SIP measures as currently
proposed) are below $100 million (we are indoors most of the time that bad
air days are occurring since it is typically very hot), and the costs are
around $5 billion out to 2010.   Lots of caveats to this conclusion including
the assumption of today's best technology but no more.  The high costs
include a "last mile" problem that the proposal of the Partnership's Business
Coalition for Clean Air (BCCA) avoids (such as no noon-to-midnight
construction, a 75% average point source reduction to allow for trading and
future permits instead of a 90% reduction, etc.).

The effect on Houston is to reduce our forecast economic growth but not
eliminate it.  Real wages are forecast to fall by some 5% or more under the
current SIP versus without it.  Total job loss will be over 100,000--about a
1 and a half years of growth out to 2010.   This "shock" will be around
one-half of what Houston went through after the oil price crash in 1986
according to Dr. Smith.  One might say that slower growth and spreading the
pollution around (some of our refinery/petrochemical growth going elsewhere)
is not the end of the world, however, if a more cost-effective SIP is chosen.

It will be several weeks before the results are final (and the election
over), at which time an executive summary will be released.  The Mayor's
office and TNRCC will be briefed first.  The luncheon will be the formal
unveiling of the study with explanation, but I expect press coverage of the
study next month.

As head of the economics working group, I have tried to ensure that a
top-notch analysis was done without an industry bias.  The results are
considered conservative by the authors all things considered and in line with
the peer-reviewed literature on costs and benefits.  The study is not
intended to be a "whining" study but to give us realistic expectations and to
(naturally) bring into review some "last mile" problems where certain SIP
measures are the least cost effective.

These preliminary results are confidential given the political cycle we are
in and should not be shared externally.

- Rob


Message-ID: <21504412.1075859832095.JavaMail.evans@thyme>
Date: Thu, 17 May 2001 15:52:00 -0700 (PDT)
From: enron.announcements@enron.com
To: all_ena_egm_eim@enron.com
Subject: EnTouch Newsletter
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: quoted-printable
X-From: Enron Announcements
X-To: All_ENA_EGM_EIM
X-cc:
X-bcc:
X-Folder: \Mark_Haedicke_Jun2001\Notes Folders\Notes inbox
X-Origin: Haedicke-M
X-FileName: mhaedic.nsf

BUSINESS HIGHLIGHTS

Enron Industrial Markets
Enron Industrial Markets announced the signing of definitive agreements wit=
h=20
Huntco, Inc. under which over a 15-year period Enron will provide inventory=
=20
price risk management services and will eventually provide more than 600,00=
0=20
tons per year of hot-rolled, cold-rolled and galvanized steel products to=
=20
Huntco Steel.  The agreements provide Enron access to Huntco=01,s network o=
f=20
steel distribution centers nationwide.  The agreements also provide for Enr=
on=01,
s acquisition of Huntco=01,s cold rolling and certain coil pickling operati=
ons=20
in Blytheville, Arkansas.

These transactions with Huntco have the potential to fundamentally change t=
he=20
way steel is bought and sold in the United States.  It gives Enron immediat=
e=20
access to physical steel and positions Enron geographically to serve the=20
steel industry in a variety of ways.  In addition to providing physical=20
products on both a spot and term basis, EIM=01,s goals for the steel indust=
ry=20
include developing commodity risk management products, providing structured=
=20
finance products and establishing the market-making capabilities that Enron=
=20
has brought to the natural gas, power and other commodity markets.

Enron North America-Upstream Products
Upstream Products has partnered with Duke Energy Field Services (DEFS) to=
=20
close a 20-year NGL exchange and transportation deal with Formosa=20
Hydrocarbons and Williams Energy Field Services to handle raw make product=
=20
from the Williams Markham plant. Formosa Hydrocarbons is building a 40,000=
=20
BPD fractionator to handle this and other Gulf Coast NGL production.  The=
=20
accompanying pipeline will be known as the Seabreeze pipeline system and wi=
ll=20
be constructed by DEFS. Texas Brine LLC will provide NGL storage services f=
or=20
Formosa Hydrocarbons on this system. Primary production for this system is=
=20
coming from the Boomvang Nansen field in the deepwater GOM and will be the=
=20
first deepwater GOM production to come onshore in Texas.=20
Upstream Products has also worked to arrange a 20-year transportation lease=
=20
agreement on the Dean Pipeline (owned by TEPPCO) for refinery grade propyle=
ne=20
service to be utilized by Formosa Plastics. Coupled with this transaction,=
=20
Enron Clean Fuels has entered into a propylene storage agreement with Formo=
sa=20
Plastics to utilize ECF=01,s Mt. Belvieu storage facilities.  In addition, =
Enron=20
Global Markets has been able to amend its current transportation agreement=
=20
with TEPPCO to prematurely terminate a take-or-pay obligation and realize=
=20
additional transportation revenues from interim NGL production coming from=
=20
the Williams Markham to be delivered to Mt. Belvieu. =20
Upon close, Upstream Products was monetized out of its initial position by=
=20
DEFS and retained a risk-free net profits position on the Seabreeze Pipelin=
e=20
going forward for an additional 20,000-40,000 BPD of excess capacity on the=
=20
system.
ENA West Power
Southwest Power, an ENA affiliate, signed a 222MW 15-year tolling agreement=
=20
with Allegheny Energy Supply for all of the output of Southwest's Las Vegas=
=20
expansion project, scheduled for completion in September, 2002.  With the=
=20
tolling agreement done and construction underway, the project will now be=
=20
marketed to qualified generators.

IN THE NEWS

=01&To truly understand Enron=01,s Jeffrey Skilling =01) the hypersmart,=20
hyperconfident ch


Message-ID: <29965956.1075851642275.JavaMail.evans@thyme>
Date: Thu, 13 Sep 2001 08:57:13 -0700 (PDT)
From: gus.perez@enron.com
To: joseph.alamo@enron.com, kate.bauer@enron.com, rob.bradley@enron.com,
	tom.briggs@enron.com, london.brown@enron.com, janet.butler@enron.com,
	guillermo.canovas@enron.com, alan.comnes@enron.com,
	shelley.corman@enron.com, jeff.dasovich@enron.com,
	larry.decker@enron.com, karen.denne@enron.com,
	marcus.dotson@enron.com, markus.fiala@enron.com,
	lamar.frazier@enron.com, bryan.gottfredson@enron.com,
	janel.guerrero@enron.com, bob.hansen@enron.com,
	joe.hartsoe@enron.com, chris.holmes@enron.com, a..hudler@enron.com,
	evan.hughes@enron.com, amr.ibrahim@enron.com, j..kean@enron.com,
	alberto.levy@enron.com, elizabeth.linnell@enron.com,
	chris.long@enron.com, peggy.mahoney@enron.com,
	jeannie.mandelker@enron.com, susan.mara@enron.com,
	luiz.maurer@enron.com, karen.moore@enron.com,
	andrew.morrison@enron.com, carin.nersesian@enron.com,
	robert.neustaedter@enron.com, nicholas.o'day@enron.com,
	pr <.palmer@enron.com>, alex.parsons@enron.com, gus.perez@enron.com,
	dave.perrino@enron.com, l..petrochko@enron.com,
	melinda.pharms@enron.com, michael.roan@enron.com,
	linda.robertson@enron.com, m..schmidt@enron.com,
	mary.schoen@enron.com, bryan.seyfried@enron.com,
	richard.shapiro@enron.com, ban.sharma@enron.com,
	john.shelk@enron.com, john.sherriff@enron.com,
	pat.shortridge@enron.com, roberta.staehlin@enron.com,
	d..steffes@enron.com, peter.styles@enron.com,
	kathleen.sullivan@enron.com, lora.sullivan@enron.com,
	jennifer.thome@enron.com, lysa.tracy@enron.com,
	michael.tribolet@enron.com
Subject: CA Issues
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Perez, Gus </O=ENRON/OU=NA/CN=RECIPIENTS/CN=GPEREZ3>
X-To: Alamo, Joseph </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jalamo>, Bauer, Kate </O=ENRON/OU=NA/CN=RECIPIENTS/CN=EU/cn=Recipients/cn=KBauer>, Bradley, Rob </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Rbradle>, Briggs, Tom </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Tbriggs>, Brown, Michael - COO London </O=ENRON/OU=NA/CN=RECIPIENTS/CN=EU/cn=Recipients/cn=mbrown3>, Butler, Janet </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jbutler>, Canovas, Guillermo </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Gcanovas>, Comnes, Alan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Acomnes>, Corman, Shelley </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Scorman>, Dasovich, Jeff </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jdasovic>, Decker, Larry </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Ldecker2>, Denne, Karen </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Kdenne>, Dotson, Marcus </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=3cad0b32-45ac00bf-8625692e-69242a>, Fiala, Markus </O=ENRON/OU=NA/CN=RECIPIENTS/CN=EU/cn=Recipients/cn=mfiala>, Frazier, Lamar </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=3f111304-72dee4ff-8625699e-522b69>, Gottfredson, Bryan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Bgottfre>, Guerrero, Janel </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jguerre>, Hansen, Bob </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=ca60fa71-94865c7e-8625690c-5a1128>, Hartsoe, Joe </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jhartso>, Holmes, Chris </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=b1b96774-5ce9e24d-86256857-6633f1>, Hudler, Shirley A. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Shudler>, Hughes, Evan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=1131ec5f-7e48d039-8625692f-52ea2e>, Ibrahim, Amr </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Aibrahi>, Kean, Steven J. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Skean>, Levy, Alberto </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=8b15e10f-62e9b697-862568f6-6a407c>, Linnell, Elizabeth </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Elinnell>, Long, Chris </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Clong>, Mahoney, Peggy </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=6bfc28e1-9b297b26-862566b4-5e89bf>, Mandelker, Jeannie </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Jmandel>, Mara, Susan </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Smara>, Maurer, Luiz </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Notesaddr/cn=4278c00b-91045742-862568e0-2fa221>,

5 billion in borrowing would be the largest

31 could cost ratepayers hundreds of millions of dollars in interest


Message-ID: <11214404.1075855886325.JavaMail.evans@thyme>
Date: Wed, 15 Nov 2000 10:22:00 -0800 (PST)
From: enron.announcements@enron.com
To: all_ena_egm_eim@enron.com
Subject: Ameriflash Newsletter
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: quoted-printable
X-From: Enron Announcements
X-To: All_ENA_EGM_EIM
X-cc:
X-bcc:
X-Folder: \Sally_Beck_Dec2000\Notes Folders\Notes inbox
X-Origin: Beck-S
X-FileName: sbeck.nsf

BUSINESS HIGHLIGHTS

Coal Trading
The liquidity in trading of the Standard European Coal Agreement has=20
increased significantly over the last 6 weeks.  Many counterparties that=20
previously opted to stay on the sidelines finally chose to join the game.=
=20
Since the contract's inception at the beginning of the year, Enron has trad=
ed=20
a total of 5.3 million tons against the SECA contract, of which 3.8 million=
=20
tons has been traded via EnronOnline since July 2000.  We are 5.3 million=
=20
tons of a total traded market of 5.8 million tons.

Principal Investments
Tridium Inc., the leading provider of Internet-based automation=20
infrastructure solutions, announced the close of a $20 million round of=20
capital funding. The funds will be used to increase Tridium=01,s sales and=
=20
technical support offices in North America, expand its operations into Euro=
pe=20
and Asia, and enhance its technology and products. kRoad Ventures, L.P. and=
=20
Enron North America each contributed $10 million in venture capital.

Corporate Development
Allegheny Energy Supply Company, LLC, a wholly owned subsidiary of Alleghen=
y=20
Energy, Inc., announced the signing of a definitive agreement under which=
=20
Allegheny Energy Supply will purchase three Enron natural gas-fired merchan=
t=20
generating facilities. The acquisition is expected to close in the 2nd=20
quarter of 2001.

PERFORMANCE REVIEW

The deadline to provide feedback is Friday, November 17.  If you have been=
=20
selected to provide feedback on one of your fellow employees, please take t=
he=20
time to fill out an evaluation online at www.pep.enron.com.

IN THE NEWS

"Enron Corp., already North America's biggest, buyer and seller of natural=
=20
gas and electric power is dead serious about its efforts to capture a big=
=20
slice of the $400 billion global trade in pulp, paper and lumber."
-Reuters News Service

2000 CHAIRMAN=01,S AWARD NOMINEES
Please join us in congratulating the ENA/EIM/EGM/ employees who have been=
=20
recognized as Chairman=01,s award nominees.

Congratulations to:

 Irma Alvarez  Alan Aronowitz  Rick Bergseiker  Carol Coats  Joya Davis =20
Rufino Durante
 Sue Foust  Julie Gomez  Barbara Gray  Jackie Griffith  John Harrison  Gerr=
i=20
Irvine
 Kathy Benedict  Michael Kelley  Mike McConnell  Dave Nommensen Ina Norman =
=20
Juan Padron
 Veronica Parra  Michael Roberts  Rhonda Robinson Kevin Sweeney  Helen=20
Taylor  Stacey White

Extra kudos to BARBARA GRAY, who is a finalist for the 2000 Chairman=01,s=
=20
Award.  Barbara and ten other individuals are flying to San Antonio from=20
around the world to be honored at Enron=01,s annual Management Conference. =
 One=20
of these finalists will be recognized as the 2000 Chairman=01,s Award winne=
r.=20

WELCOME
New Hires ENA/EIM/EGM
ENA =01) Anil Chandy, Alejandra Chavez
EGM =01) Marty Cates, JoAnne Underwood, Brad Miller

Transfers to ENA/EIM/EGM
ENA =01) Mark Wadlington, Jennifer Blay-Smith, Georgian Landau, Kathryn Bus=
sell,=20
John Coleman, Steven Gillespie, Clarissa Garcia, Ina Rangel, Farouk Lalji,=
=20
Eva Rainer, Chuchu Wang, Smith Day
EGM =01) Gloria Solis, Carmella Jones, Nancy Haralson

LEGAL STUFF
The information contained in this newsletter is confidential and proprietar=
y=20
to Enron Corp. and its subsidiaries.  It is intended for internal use only=
=20
and should not be disclosed outside of Enron.


Message-ID: <17674712.1075841778194.JavaMail.evans@thyme>
Date: Thu, 14 Dec 2000 10:59:00 -0800 (PST)
From: enron.announcements@enron.com
To: all_ena_egm_eim@enron.com
Subject: EnTouch Newsletter
Mime-Version: 1.0
Content-Type: text/plain; charset=ANSI_X3.4-1968
Content-Transfer-Encoding: quoted-printable
X-From: Enron Announcements
X-To: All_ENA_EGM_EIM
X-cc:
X-bcc:
X-Folder: \kate symes 6-27-02\Notes Folders\Discussion threads
X-Origin: SYMES-K
X-FileName: kate symes 6-27-02.nsf

BUSINESS HIGHLIGHTS

BA&R Merchant Finance
Not your typical "bean counters", the BA&R Merchant Finance group is=20
responsible for maintaining and reporting the accounting valuations of the=
=20
ENA merchant portfolio, coordinating the quarterly revaluation of the=20
portfolio and directing the Arthur Andersen quarterly review (during earnin=
gs=20
release) and year end audit.  Customers include ENA Office of the Chair,=20
Corporate Reporting group during quarterly earnings release, commercial=20
groups, RAC groups and other commercial support groups.  The group supports=
=20
the accounting and reporting needs of the Principal Investments, Energy=20
Capital Resources, Generation Investments, Special Assets and Portfolio=20
commercial groups.  With the recent realignment of ENE lines of businesses,=
=20
the group has recently been involved in the successful transition of mercha=
nt=20
assets into newly formed Enron Global Markets.  The group has also been=20
heavily involved in complex hedging structures allowing ENA to effectively=
=20
hedge a significant portion of the portfolio.  What's next?  Bean counting =
is=20
probably not on the list!

EnTelligence?
No, its not spelled wrong, it's the name of a prospecting website in ENA=20
designed to deliver market information on existing and potential customers =
to=20
commercial trading, mid-marketing, and origination teams.  It also delivers=
=20
management reports to analyze Enron=01,s position within the key industries=
 that=20
we serve.  Presently, commercial groups have multiple methods for acquiring=
=20
potential customer information.  This system will standardize their resourc=
e=20
tools and add consistency to their prospecting processes.  EnTelligence=20
combines information from internal databases such as Global Counterparty,=
=20
Credit Aggregation System (CAS), Sitara, Enpower, and ERMS with information=
=20
from external data sources such as Dun & Bradstreet and I.H.S Energy Report=
er=20
to identify customer prospects.  By providing the capability to filter and=
=20
search by region, industry, company size, or energy consumption levels, the=
=20
prospecting process is shortened and the identification of strong prospects=
=20
improved. Available reports include Market Penetration, Industry Prospectin=
g,=20
Comparison Prospecting, Company Profiles, Family Tree, Top Customers, and=
=20
Inactive Accounts.  Currently only Natural Gas and Power physical deals are=
=20
loaded, but financial deals will be included in mid-January, and new produc=
ts=20
are soon to follow.  Check it out at http://entelligence.enron.com.

West Power Trading
Enron West Power Trading has two basic operations, Power Trading and=20
Origination.  The Power Trading Group consists of real-time, day-ahead, ter=
m=20
trading, and Middle Marketing.   Much of the hour-ahead and cash trading is=
=20
centered on the California Power Exchange and the California ISO markets,=
=20
along with bilateral trading both inside and outside of California.  The te=
rm=20
traders and middle marketers often rely on EnronOnline, the world's largest=
=20
e-commerce Web site, as a key component in futures transactions.

The Origination Group plays an instrumental role by developing and executin=
g=20
strategic transactions with wholesale customers.  Services offered by the=
=20
Origination Group include asset and resource management, asset development=
=20
and construction, structuring long-term physical and financial contracts, a=
nd=20
the

20
really electrified Wall Street during the past


Message-ID: <4760749.1075840890019.JavaMail.evans@thyme>
Date: Thu, 26 Apr 2001 02:58:00 -0700 (PDT)
From: ray.alvarez@enron.com
To: tim.belden@enron.com, mike.swerzbin@enron.com, michael.driscoll@enron.com,
	matt.motley@enron.com, robert.badeer@enron.com,
	diana.scholtes@enron.com, sean.crandall@enron.com,
	chris.mallory@enron.com, jeff.richter@enron.com,
	tom.alonso@enron.com, mark.fischer@enron.com,
	phillip.platter@enron.com, carla.hoffman@enron.com,
	christopher.calger@enron.com, michael.etringer@enron.com,
	steve.hall@enron.com, christian.yoder@enron.com,
	tim.heizenrader@enron.com, stephen.swain@enron.com,
	jeff.dasovich@enron.com, susan.mara@enron.com, joe.hartsoe@enron.com,
	ray.alvarez@enron.com, elliot.mainzer@enron.com, bill.iii@enron.com,
	paul.kaufman@enron.com, james.steffes@enron.com,
	phillip.allen@enron.com, mike.grigsby@enron.com, don.black@enron.com,
	neil.bresnan@enron.com, jubran.whalan@enron.com,
	dennis.benevides@enron.com, jess.hewitt@enron.com,
	louise.kitchen@enron.com, john.lavorato@enron.com,
	greg.whalley@enron.com, richard.shapiro@enron.com,
	steven.kean@enron.com, linda.robertson@enron.com,
	rebecca.cantrell@enron.com, leslie.lawner@enron.com,
	rcarroll@bracepatt.com, sarah.novosel@enron.com,
	mark.palmer@enron.com
Subject: FERC's Prospective Mitigation and Monitoring Plan for CA Wholesale
 Electric Markets
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: quoted-printable
X-From: Ray Alvarez <Ray Alvarez/NA/Enron@ENRON>
X-To: Tim Belden <Tim Belden/HOU/ECT@ECT>, Mike Swerzbin <Mike Swerzbin/HOU/ECT@ECT>, Michael M Driscoll <Michael M Driscoll/PDX/ECT@ECT>, Matt Motley <Matt Motley/PDX/ECT@ECT>, Robert Badeer <Robert Badeer/HOU/ECT@ECT>, Diana Scholtes <Diana Scholtes/HOU/ECT@ECT>, Sean Crandall <Sean Crandall/PDX/ECT@ECT>, Chris Mallory <Chris Mallory/PDX/ECT@ECT>, Jeff Richter <Jeff Richter/HOU/ECT@ECT>, Tom Alonso <Tom Alonso/PDX/ECT@ECT>, Mark Fischer <Mark Fischer/PDX/ECT@ECT>, Phillip Platter <Phillip Platter/HOU/ECT@ECT>, Carla Hoffman <Carla Hoffman/PDX/ECT@ECT>, Christopher F Calger <Christopher F Calger/PDX/ECT@ECT>, Michael Etringer <Michael Etringer/HOU/ECT@ECT>, Steve C Hall <Steve C Hall/PDX/ECT@ECT>, Christian Yoder <Christian Yoder/HOU/ECT@ECT>, Tim Heizenrader <Tim Heizenrader/PDX/ECT@ECT>, Stephen Swain <Stephen Swain/PDX/ECT@ECT>, Jeff Dasovich <Jeff Dasovich/NA/Enron@Enron>, Susan J Mara <Susan J Mara/NA/Enron@ENRON>, Joe Hartsoe <Joe Hartsoe/Corp/Enron@ENRON>, Ray Alvarez <Ray Alvarez/NA/Enron@ENRON>, Elliot Mainzer <Elliot Mainzer/PDX/ECT@ECT>, Bill Williams III <Bill Williams III/PDX/ECT@ECT>, Paul Kaufman <Paul Kaufman/PDX/ECT@ECT>, James D Steffes <James D Steffes/NA/Enron@Enron>, Phillip K Allen <Phillip K Allen/HOU/ECT@ECT>, Mike Grigsby <Mike Grigsby/HOU/ECT@ECT>, Don Black <Don Black/HOU/EES@EES>, Neil Bresnan <Neil Bresnan/HOU/EES@EES>, Jubran Whalan <Jubran Whalan/HOU/EES@EES>, Dennis Benevides <Dennis Benevides/HOU/EES@EES>, Jess Hewitt <Jess Hewitt/HOU/EES@EES>, Louise Kitchen <Louise Kitchen/HOU/ECT@ECT>, John J Lavorato <John J Lavorato/Enron@EnronXGate>, Greg Whalley <Greg Whalley/HOU/ECT@ECT>, Richard Shapiro <Richard Shapiro/NA/Enron@Enron>, Steven J Kean <Steven J Kean/NA/Enron@Enron>, Linda Robertson <Linda Robertson/NA/Enron@ENRON>, Rebecca W Cantrell <Rebecca W Cantrell/HOU/ECT@ECT>, Leslie Lawner <Leslie Lawner/NA/Enron@Enron>, rcarroll <rcarroll@bracepatt.com>, Sarah Novosel <Sarah Novosel/Corp/Enron@ENRON>, Mark Palmer <Mark Palmer/Corp/Enron@ENRON>
X-cc:
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X-FileName: louise kitchen 2-7-02.pst

The following report is comprised of what was discussed at the Commission m=
eeting held tonight at approximately 7 PM EST and additional intelligence g=
athered from FERC staffers after the meeting by Joe Hartsoe:

Physical Withholding -- To prevent physical withholding, the plan will requ=
ire sellers with PGA's to offe


Message-ID: <4536714.1075858686331.JavaMail.evans@thyme>
Date: Fri, 28 Sep 2001 09:07:06 -0700 (PDT)
From: b..sanders@enron.com
To: e..haedicke@enron.com
Subject: FW: Beeson
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Sanders, Richard B. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=RSANDER>
X-To: Haedicke, Mark E. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mhaedic>
X-cc:
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Knox thinks any settlement will be between 1-2 million,probably closer to 2. What business person, if any, should we talk to about this? With Carrin, Neal M. and Knox, the attys fees will be enormous if this case ever gets going again.

 -----Original Message-----
From: 	"Neal S. Manne" <NMANNE@SusmanGodfrey.com>@ENRON [mailto:IMCEANOTES-+22Neal+20S+2E+20Manne+22+20+3CNMANNE+40SusmanGodfrey+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Friday, September 28, 2001 10:58 AM
To:	'knunnally@velaw.com'; Sanders, Richard B.
Cc:	'cpatman@bracepatt.com'
Subject:	Re: Beeson

I assume JVD will not overpay.  In my view $1mm would be grossly overpaying.
--------------------------
Sent from Neal S. Manne (nmanne@susmangodfrey.com)

-----Original Message-----
From: Nunnally, Knox D. <knunnally@velaw.com>
To: Sanders, Richard B. (Enron) <richard.b.sanders@enron.com>
CC: Neal S. Manne <NMANNE@SusmanGodfrey.com>; Patman, Carrin (Bracewell &
Patterson) <cpatman@bracepatt.com>
Sent: Fri Sep 28 10:37:06 2001
Subject: Beeson

I had lunch with Ronnie Krist and he will settle if the money gets right.
He said it should be easier with no class, to work something out  since he
now has a case with only 87 plaintiffs.  Our earlier offer of I believe
$400,000 won't do it.  It will probably take more than $1,000,000 in an
offer to get a real number from Ronnie.  He also observed that it will be
interesting to see what happens to the make up of the Supreme Court.
                                         ++++++CONFIDENTIALITY NOTICE+++++
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Message-ID: <22877324.1075851624828.JavaMail.evans@thyme>
Date: Mon, 15 Oct 2001 10:21:34 -0700 (PDT)
From: jeff.dasovich@enron.com
To: eldon@direcpc.com
Subject: RE: News Flash!
Mime-Version: 1.0
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X-From: Dasovich, Jeff </O=ENRON/OU=NA/CN=RECIPIENTS/CN=JDASOVIC>
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No problem.

-----Original Message-----
From: eldon [mailto:eldon@direcpc.com]
Sent: Saturday, October 13, 2001 5:40 PM
To: Dasovich, Jeff
Subject: RE: News Flash!

Thanks for sending this to me.

-----Original Message-----
From: Dasovich, Jeff [mailto:Jeff.Dasovich@ENRON.com]
Sent: Friday, October 12, 2001 3:21 PM
To: Nancy Sellers (E-mail); eldon sellers (E-mail); Scott Laughlin
(E-mail); psellers@pacbell.net; cameron@perfect.com
Subject: News Flash!

Playboy Online staff cutbacks

Playboy Enterprises  plans to cut about a third of the jobs in
its online division, according to the Wall Street Journal. As
part of a company streamlining, a spokeswoman for the media
company said 44 jobs are being eliminated in its online unit.
Playboy Online had revenue of $13.1 million in the first six
months of the year, and counts 95,000 paying subscribers to its
service. "We're not a particularly ad-driven company, but we can
look at the financial outlook as well as the next person, and we
look at the economy and want to make sure we can weather it
well," the spokeswoman told the Journal.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message. This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************


Message-ID: <2846946.1075858616577.JavaMail.evans@thyme>
Date: Thu, 25 Oct 2001 13:30:46 -0700 (PDT)
From: n..gray@enron.com
To: c..koehler@enron.com, mary.cook@enron.com, sara.shackleton@enron.com,
	legal <.taylor@enron.com>, frank.sayre@enron.com,
	brent.hendry@enron.com
Subject: FW: Texas Monthly (November 2001): How Enron Blew It
Mime-Version: 1.0
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Content-Transfer-Encoding: quoted-printable
X-From: Gray, Barbara N. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=BGRAY>
X-To: Koehler, Anne C. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Akoehle>, Cook, Mary </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mcook>, Shackleton, Sara </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Sshackl>, Taylor, Mark E (Legal) </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Mtaylo1>, Sayre, Frank </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Fsayre>, Hendry, Brent </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Bhendry>
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FYI
-----Original Message-----
From: Lees, Lisa=20
Sent: Thursday, October 25, 2001 3:05 PM
To: Gray, Barbara N.
Subject: FW: Texas Monthly (November 2001): How Enron Blew It

=20
-----Original Message-----
From: Denny, Jennifer=20
Sent: Wednesday, October 24, 2001 1:43 PM
To: Lees, Lisa
Subject: FW: Texas Monthly (November 2001): How Enron Blew It

=20

-----Original Message-----=20
From: Puthigai, Savita=20
Sent: Wed 10/24/2001 11:11 AM=20
To: Engel, Thomas; Denny, Jennifer=20
Cc:=20
Subject: FW: Texas Monthly (November 2001): How Enron Blew It

 -----Original Message-----=20
From:   McKinney, Lara =20
Sent:   Wednesday, October 24, 2001 8:43 AM=20
To:     Enron London - EOL Product Control Group; Puthigai, Savita=20
Subject:        FW: Texas Monthly (November 2001): How Enron Blew It=20

FYI - it is a good article=20

 -----Original Message-----=20
From:   Connelly, Angela =20
Sent:   24 October 2001 10:59=20
To:     McKinney, Lara=20
Subject:        FW: Texas Monthly (November 2001): How Enron Blew It=20

This is a long one - but definitely worth reading.=20

Cover title: Enron's Cutthroat Culture=20
***************************************************************************=
***************************************************************************=
*************

How Enron Blew It=20
Less than a year ago, the Houston-based energy behemoth had everything: mon=
ey, power, glitz, smarts, new ideas, and a CEO who wanted to make it the mo=
st important company in the world. Now its stock is down, wall street is be=
arish, and the CEO is gone. What went wrong?

by Mimi Swartz < <http://www.texasmonthly.com/mag/issues/authors/mimiswartz=
.php>>=20
THE ENRON SKYSCRAPER NEAR THE SOUTH END OF HOUSTON'S DOWNTOWN feels like th=
e international headquarters of the best and the brightest. The lobby in no=
 way resembles the hushed, understated entryways of the old-fashioned oil c=
ompanies, like Shell and Texaco nearby. Enron, in contrast, throbs with mod=
ernity. The people hustling in and out of the elevators are black, white, b=
rown; Asian, Middle Eastern, European, African, as well as American-born. T=
hey are young, mostly under 35, and dressed in the aggressively casual unif=
orm of the tech industry-the guys wear khakis, polo shirts, and Banana Repu=
blic button-downs. Almost preposterously fit, they move through the buildin=
g intently, like winners. Enron is nothing if not energetic: A Big Brother-=
size TV screen frantically reports on the stock market near a bank of eleva=
tors, while another hefty black television relaying the same news greets pe=
ople entering from the garage. A sculpture of the corporate symbol, an E ti=
pped at a jaunty angle, radiates colors as it spins frenetically on its axi=
s; a Starbucks concession on the ground floor keeps everyone properly caffe=
inated. Multicolored, inspirational flags hang from the ceiling, congratula=
ting Enron on its diversity and its values; one more giant banner between


Message-ID: <16720067.1075843417895.JavaMail.evans@thyme>
Date: Mon, 9 Apr 2001 01:00:00 -0700 (PDT)
From: ann.schmidt@enron.com
Subject: Enron Mentions - 04/07/01 - 04/08/01
Mime-Version: 1.0
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X-From: Ann M Schmidt
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X-Origin: DASOVICH-J
X-FileName: jdasovic.nsf

The well
Houston Chronicle, 04/08/01

Enron Takes Indian Dispute to Arbitration Court, FT Reports
Bloomberg, 04/08/01

Like it or not, DivX emerges as format of choice for online movies
Associated Press Newswires, 04/08/01

DPC should reduce high tariff rate, NCP chief Sharad Pawar
Press Trust of India Limited, 04/07/01

Mahashtra industrial output on a decline: Pawar
The Times of India, 04/07/01

ENRON IS PLANNING TO ELIMINATE ABOUT 250 JOBS
The New York Times, 04/07/01

THE CALIFORNIA ENERGY CRISIS Pacific Gas' Filing Hits Other Stocks Wall St.:
Fear of exposure to the utility has investors reacting negatively to the
shares of its major lenders, power suppliers and bond insurers.
Los Angeles Times, 04/07/01

The convergence revolution can wait, but can investors?
The Globe and Mail, 04/07/01

Hits of the Week
Houston Chronicle, 04/07/01

ENRON ASKS POMPANO TO PUT OFF PLANT VOTE FOES CALL REQUEST A TACTIC TO STOP
RALLY BY PROTESTERS
South Florida Sun-Sentinel, 04/07/01

PG&E BANKRUPTCY TO BE COSTLY LONG, SERPENTINE PROCESS AHEAD FOR UTILITY;
INVESTOR UNLIKELY TO SEE RETURNS ON INVESTMENTS ANYTIME SOON
The Press Democrat Santa Rosa, CA, 04/07/01

PG&E Creditors Are Lining Up / BofA, local generators owed billions by utility
The San Francisco Chronicle, 04/07/01

Enron to Cut 20% of Workforce at Broadband Unit, Reuters Says
Bloomberg, 04/07/01

Maharashtra Won't Make Payment to Enron Venture, Paper Says
Bloomberg, 04/07/01

BUSINESS
The well
The well
Staff

04/08/2001
Houston Chronicle
2 STAR
16
(Copyright 2001)

Enron Energy Services announced a long-term energy management agreement with
J.C. Penney Co. valued at more than $600 million.
Through the agreement, Enron will manage the supply of electricity at more
than 1,250 Penney locations in 50 states. Enron also will replace or update
energy equipment to reduce consumption.
Anadarko Petroleum Corp. announced results from the Fife Unit No. 2 well in
Central Texas.
Located in the Navasota River field of Washington County, the well flowed at
a rate of 51 million cubic feet of gas per day. The well reached a total
vertical depth of 14,080 feet and was drilled laterally for almost 5,000
feet. Anadarko has a 100 percent working interest.
Anadarko's net volumes in Central Texas have grown to more than 235 million
cubic feet of gas per day and 14,700 barrels of oil per day. The company
operates nine rigs throughout the region.
ATP Oil & Gas Corp. acquired six producing properties in the Gulf of Mexico
that will add about $1.4 million to its monthly cash flow. The properties
were acquired from an international oil company. Financial terms were not
disclosed.
During January, the properties produced approximately 7 million cubic feet of
natural gas per day and 340 barrels of oil per day. The properties have
proven and undeveloped reserves.
This is the second Gulf of Mexico property package acquired by ATP since its
initial public offering in February.
Renewable Energy Systems and Cielo Wind Power LLC completed a deal to
construct a wind power facility on King Mountain near McCamey in West Texas.
The companies are based in Austin.
The project will consist of 214 wind turbines with capacity to produce 278.2
megawatts. The amount is enough to supply power to around 139,100 homes. It
will save, over its 20-year life, the emission of nearly 20 million tons of
carbon dioxide, the companies said.
Bonus A/S of Denmark will supply the wind turbines, which produce 1.3
megawatts of power each.
Electricity generated by the facility will be sold to Re


Message-ID: <12115172.1075841763382.JavaMail.evans@thyme>
Date: Wed, 1 Nov 2000 03:00:00 -0800 (PST)
From: kate.symes@enron.com
To: portland.desk@enron.com
Subject: Phone outage
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: Kate Symes
X-To: Portland West Desk
X-cc:
X-bcc:
X-Folder: \kate symes 6-27-02\Notes Folders\Discussion threads
X-Origin: SYMES-K
X-FileName: kate symes 6-27-02.nsf

To all of you who are without the luxury of a dial tone this morning:

Qwest Communications is working on the malfunctioning phone circuit. We don't
know when the service will be reinstated; but in the meantime you can reflect
on what life was like before the darn thing was invented.

Bell, Alexander Graham

                b. , March 3, 1847, Edinburgh
                d. Aug. 2, 1922, Beinn Bhreagh, Cape Breton Island, Nova
Scotia, Can.

                Scottish-born American audiologist best known as the inventor
of
                the telephone (1876). For two generations his family had been
                recognized as leading authorities in elocution and speech
correction,
                with Alexander Melville Bell's Standard Elocutionist passing
through
                nearly 200 editions in English. Young Bell and his two
brothers were
                trained to continue the family profession. His early
achievements on
                behalf of the deaf and his invention of the telephone before
his 30th
                birthday bear testimony to the thoroughness of his training.

                Alexander ("Graham" was not added until he was 11) was the
 second of the three sons of Alexander Melville Bell and Eliza Grace Symonds
Bell. Apart
 from one year at a private school, two years at Edinburgh's Royal High
School (from
 which he was graduated at 14), and attendance at a few lectures at Edinburgh
 University and at University College in London, Bell was largely family
trained and
 self-taught. His first professional post was at Mr. Skinner's school in
Elgin, County
 Moray, where he instructed the children in both music and elocution. In 1864
he
 became a resident master in Elgin's Weston House Academy, where he conducted
his
 first studies in sound. Appropriately, Bell had begun professionally as he
would
 continue through life--as a teacher-scientist.

 In 1868 he became his father's assistant in London and assumed full charge
while the
 senior Bell lectured in America. The shock of the sudden death of his older
brother from
 tuberculosis, which had also struck down his younger brother, and the strain
of his
 professional duties soon took their toll on young Bell. Concern for their
only surviving
 son prompted the family's move to Canada in August 1870, where, after
settling near
 Brantford, Ont., Bell's health rapidly improved.

 In 1871 Bell spent several weeks in Boston, lecturing and demonstrating the
system of
 his father's Visible Speech, published in 1866, as a means of teaching
speech to the
 deaf. Each phonetic symbol indicated a definite position of the organs of
speech such
 as lips, tongue, and soft palate and could be used by the deaf to imitate
the sounds of
 speech in the usual way. Young A. Graham Bell, as he now preferred to be
known,
 showed, using his father's system, that speech could be taught to the deaf.
His
 astounding results soon led to further invitations to lecture.

 Even while vacationing at his parents' home Bell continued his experiments
with
 sound. In 1872 he opened his own school in Boston for training teachers of
the deaf,
 edited his pamphlet Visible Speech Pioneer, and continued to study and
tutor; in 1873
 he became professor of vocal physiology at Boston University.

 Never adept with his hands, Bell had the good fortune to discover and
inspire Thomas
 Watson, a young repair mechanic and model maker, who assisted him
enthusiastically
 in devising an apparatus for transmitting sound by electricity. Thei


Message-ID: <19844008.1075840208331.JavaMail.evans@thyme>
Date: Mon, 11 Sep 2000 06:09:00 -0700 (PDT)
From: jwatson@velaw.com
To: kenneth.lay@enron.com
Subject:
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Transfer-Encoding: 7bit
X-From: "Watson, John" <jwatson@velaw.com>
X-To: "'Lay, Ken'" <kenneth.lay@enron.com>
X-cc:
X-bcc:
X-Folder: \Kenneth_Lay_Dec2000\Notes Folders\All documents
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X-FileName: klay.nsf

I got Goldberg's comments this morning on the term sheet with the Rockets.
there are a number of technical comments which we will make.  There are
about four substantive comments that we are working on and will review with
Tracey Ellison.  Two of the comments relate to you.  Goldberg wants to limit
seats to a maximum of 20 per Partner, not 300 total, because he said you
said at the meeting that each Partner would have a maximum of 20 seats.  I
didn't recall that any such statement by you was meant to limit the 300
seats but was merely an indication of about how many each Partner would
have.  Goldberg admitted the 300 seats was on the sheet handed out at the
meeting.  I can't believe Goldberg is continuing to haggle on this issue.  I
think we should say that the maximum of 300 seats is what the Partners
approved and be done with it.

The other issue is the amount of the referendum funding.  Goldberg said he
understood that the Rockets would match what the "Partners" would put up.
Alternatively he wants the right for the Rockets to raise part of their $1.5
million from others and get credit for it.  I'm not sure whether the Rockets
would interfere with you raising your balance of the $1.5 million.  In any
case I need your input on this issue both for the Rockets term sheet and
determining how much we need to get advanced on the loan from the Sports
Authority.

John S. Watson
Vinson & Elkins LLP
1001 Fannin
2300 First City Tower
Houston, TX 77002-6760
Voice: 713/758-2556
Fax: 713/615-5236
Email: jwatson@velaw.com

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