Here's a recap for everyone.  
Our original negotiation with Bear (for the Securities Loan Agreement) was in 
the name of ENA, and, ENA had an existing account agreement with Bear.  
However, Bear insisted that the account agreement was "too old" and that we 
negotiate a new agreement.  I agreed on the condition that this not hold up 
execution of the Securities Loan Agreement.  We have one or two final points 
remaining on the new account agreement which we'll execute for both ENA and 
Enron Credit Inc.. ("ECI").  We have the authorized trader list for ECI and 
are waiting for Richard to designate the new officer/director slate but we 
are prepared for execution by the existing officers in London.  The 
assignment instrument will be very short for transferring the ECI book from 
ENA to ECI.  It will take only a few days to replace the existing ENE 
guaranty for the Securities Loan Agreement.

Jeff and Sheila:  Please verify that both ENA and ECI do not  need the 
Securities Loan Agreement.  I believe it is just ECI and we can transfer the 
existing agreement to ECI.

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



	Tom Doukas@ENRON
	03/21/2001 12:28 PM
		 
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Jeff Kinneman/Enron@EnronXGate, Sheila Glover/HOU/ECT@ECT, Richard 
Sage/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT
		 Subject: BEAR Guarantee letter

Sara,

I just spoke with Russ Miron from Bear Sterans regarding our Guaranty to 
Reduce funding to 20% per side.

I had asked him about when they will be executing the agreement.  He said 
that his lawyers are ready to sign but are under the impression that you have 
one remaining point to resolve and that this point is holding up the 
finalization of the agreement.

Is there an issue from our side?  If not we should be able to get this 
execution taken care of immediately?

Thanks,

Tom
713-853-9074