There have been no "official" developments relating to Enron North America = or the Portland office that I am aware of since the floor meeting on Wednes= day.
The news of the Europe office closing so suddenly has certainly been = unsettling.
Absent any tangible news pertaining to the fate of our office = I thought that I could, at a minimum, try to explain to people what I've se= en going on over the last couple of days.
On the trading side we are doing several things.
First, we are trying to h= onor as many of our physical delivery obligations as possible.
Several cus= tomers have stopped making deliveries to us which is making it impossible f= or us, in turn, to honor all of our physical deliveries.
In these circumst= ances we are constantly updating our customers on the status of their sched= ules so that they can make alternative arraingements.
The Cash Trading, Sc= heduling, Services, and Real Time groups are doing an unbelievable job with=  this.
I am impressed at how capable, professional, and calm our team has = remained.
On the Term Trading side we are working with our customers to cl= ose out positions.
This process is going very smoothly as well.
We traded=  a record volume yesterday as our customers reduced their exposure to us.
= The Term trading team has done an excellent job with this.
Third, on the M= iddle Market and Origination side we are trying to work with customers to b= ring cash in the door.
Many customers owe us money due to out of the money=  future positions.
Many customers would prefer to settle up with us now ra= ther than in bankruptcy if that is what ends up happening to us.
We have b= rought a significant amount of cash in the door as a result of these effort= s and saved our customers from going through a potentially onerous bankrupt= cy proceeding.
I am very appreciative of the efforts of our Origination an= d Middle Marketing team that has made this happen.
On the bright side, I remain optimistic that someone will buy or fund the N= orth America gas and power businesses.
While it is impossible to handicap = anything these days with Enron I am seeing some very positive signs on this=  front.
Unlike the Dynegy deal, which required Dynegy to purchase the very=  profitable core business along along with the rest of Enron's baggage, the=  deals being considered now would likely involve only the core business.
I=  don't know whether these deals happen, and if they do, I don't know what f= orm the core business takes as a result.
Chris Calger and I have been part=  of the team talking to our potential suitors.
We will both be in Houston = through the weekend and into early next week working on this.
We will upda= te people as soon as possible as things unfold.
I know that this situation really sucks.
Given the anxiety and uncertainty=  that we are all feeling people are doing a great job keeping focused and s= taying positive.
I think that things are going to unfold very quickly from=  here -- most likely in the next week or two.
Please hang in there.

Update
There have been no "official" developments relating to <COMPANY> North America = or the Portland office that I am aware of since the floor meeting on Wednes= day.
The news of the Europe office closing so suddenly has certainly been = unsettling.
Absent any tangible news pertaining to the fate of our office = I thought that I could, at a minimum, try to explain to people what I've se= en going on over the last couple of days.
On the trading side we are doing several things.
First, we are trying to h= onor as many of our physical delivery obligations as possible.
Several cus= tomers have stopped making deliveries to us which is making it impossible f= or us, in turn, to honor all of our physical deliveries.
In these circumst= ances we are constantly updating our customers on the status of their sched= ules so that they can make alternative arraingements.
The Cash Trading, Sc= heduling, Services, and Real Time groups are doing an unbelievable job with= this.
I am impressed at how capable, professional, and calm our team has = remained.
On the Term Trading side we are working with our customers to cl= ose out positions.
This process is going very smoothly as well.
We traded= a record volume yesterday as our customers reduced their exposure to us.
= The Term trading team has done an excellent job with this.
Third, on the M= iddle Market and Origination side we are trying to work with customers to b= ring cash in the door.
Many customers owe us money due to out of the money= future positions.
Many customers would prefer to settle up with us now ra= ther than in bankruptcy if that is what ends up happening to us.
We have b= rought a significant amount of cash in the door as a result of these effort= s and saved our customers from going through a potentially onerous bankrupt= cy proceeding.
I am very appreciative of the efforts of our Origination an= d Middle Marketing team that has made this happen.
On the bright side, I remain optimistic that someone will buy or fund the N= orth America gas and power businesses.
While it is impossible to handicap = anything these days with <COMPANY> I am seeing some very positive signs on this= front.
Unlike the Dynegy deal, which required Dynegy to purchase the very= profitable core business along along with the rest of <COMPANY>'s baggage, the= deals being considered now would likely involve only the core business.
I= don't know whether these deals happen, and if they do, I don't know what f= orm the core business takes as a result.
Chris Calger and I have been part= of the team talking to our potential suitors.
We will both be in Houston = through the weekend and into early next week working on this.
We will upda= te people as soon as possible as things unfold.
I know that this situation really sucks.
Given the anxiety and uncertainty= that we are all feeling people are doing a great job keeping focused and s= taying positive.
I think that things are going to unfold very quickly from= here -- most likely in the next week or two.
Please hang in there.
appreciative efforts origination record volume yesterday possible cus tomers physical delivery obligations going smoothly traded reduced exposure term updating customers america portland office situation really sucks