Mark:  

Attached is my "short version" of Eligible Contract Participant (I would 
generally send to credit, new lawyer, etc.)  I am still uncertain about the 
status of the Trade Option Exemption (Issue 4); I understood from the 
conversation that you, Brent and I had that the old rules were out.  I have 
heard a different interpretation.  What is the status of this exemption under 
the new law?



Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com