Bill:  I have previously discussed this issue with Rod.
I would like to  revisit once again.
These transactions include swaps/options/forwards on ENE  stock.
There is a renewed effort coming from Treasury to use these tools  more frequently than in the past.
I am in touch with Rex Rogers (Enron Corp.  securities lawyer) as registration rights issues on ENE stock are definitely  involved.
Our counterparties are telling us that they prefer to look to  Enron Corp. since it is Enron Corp.'s stock that is involved.
At a minimun,  even if ENA were the trading counterparty (with an Enron Corp. guaranty  capped at an appropriate level), Enron Corp. would probably have to sign each  confirmation as ISSUER OF THE STOCK (and ENA cannot make those agreements on  behalf of Enron Corp.).
I would like to discuss ASAP as we are in the midst of negotiations with CSFB  International, UBS AG, Morgan Stanley Capital Services, Inc. and Lehman  Brothers Finance S.A.

Enron Corp. equity derivatives transactions on Enron Corp. stock
Bill: I have previously discussed this issue with Rod.
I would like to revisit once again.
These transactions include swaps/options/forwards on ENE stock.
There is a renewed effort coming from Treasury to use these tools more frequently than in the past.
I am in touch with Rex Rogers (<COMPANY> Corp. securities lawyer) as registration rights issues on ENE stock are definitely involved.
Our counterparties are telling us that they prefer to look to <COMPANY> Corp. since it is <COMPANY> Corp.'s stock that is involved.
At a minimun, even if <COMPANY> were the trading counterparty (with an <COMPANY> Corp. guaranty capped at an appropriate level), <COMPANY> Corp. would probably have to sign each confirmation as ISSUER OF THE STOCK (and <COMPANY> cannot make those agreements on behalf of <COMPANY> Corp.).
I would like to discuss ASAP as we are in the midst of negotiations with CSFB International, UBS AG, Morgan Stanley Capital Services, Inc. and Lehman Brothers Finance S.A.
treasury use include swaps options frequently past touch capped appropriate level definitely involved counterparties csfb international ubs minimun ene stock registration rights issues rex rogers