Sounds OK for now.   Long term, your portfolio manager should know how to value options.

 -----Original Message-----
From: 	"Emery, Henry" <henry.emery@ubspainewebber.com>@ENRON [mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebber+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Wednesday, June 13, 2001 10:12 AM
To:	Presto, Kevin M.
Subject:	RE: Portfolio

Mr. Presto,
Your current fee is 1%. I called the PaineWebber online services. There is
no way to make the system reflect the fact that your NQ stock options don't
go below zero. I did create 2 new portfolios for you though. So now we have
the following:

Presto-ENRON: Lists all stock options along with their gain/loss(first on we
created)
Presto-Enron Restricted: Lists only your restricted shares
Presto-Enron3: Lists only those options that have a value greater than zero.
This portfolio, I can update monthly for you, or as often as you wish. This
is, I feel, the way that will give us the truest overall value of your stock
options, and it will also help us focus on the in the money options for
exercise purposes.

Please let me know what you think.

Thanks,
Hank Emery

-----Original Message-----
From: Kevin.M.Presto@enron.com [mailto:Kevin.M.Presto@enron.com]
Sent: Friday, June 08, 2001 8:41 AM
To: henry.emery@ubspainewebber.com
Subject: RE: Portfolio


Thanks.

    -----Original Message-----
   From:   "Emery, Henry" <henry.emery@ubspainewebber.com>@ENRON

[mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebbe
r+2Ecom+3E+40ENRON@ENRON.com]


   Sent:   Friday, June 08, 2001 8:31 AM
   To:     Presto, Kevin M.
   Subject:  RE: Portfolio

   Will do. Let me figure something out for the online portfolio. The only
   problems we have for the online portfolio are that it is pretty limited
   in
   our parameters. We'll figure something out though.

   Thanks,
   Hank Emery

   -----Original Message-----
   From: Kevin.M.Presto@enron.com [mailto:Kevin.M.Presto@enron.com]
   Sent: Thursday, June 07, 2001 7:15 PM
   To: henry.emery@ubspainewebber.com
   Subject: RE: Portfolio


   I think you forgot the cash position.  I would rather have on-line
   valuation, even if the $'s aren't perfect.   I like to look at my
   personal
   equity portfolio (includes Enron hedging) separate from Enron granted
   stock
   and option value.

   One portfolio is liquid and the other is not and I monitor differently.

       -----Original Message-----
      From:   "Emery, Henry" <henry.emery@ubspainewebber.com>@ENRON


[mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebbe
   r+2Ecom+3E+40ENRON@ENRON.com]


      Sent:   Thursday, June 07, 2001 5:13 PM
      To:     Presto, Kevin M.
      Subject:  RE: Portfolio

      Mr. Presto,
      Why don't I just do this for you on a monthly basis? Please see
   attached
      PDF
      Acrobat file. Please let me know if you have trouble opening it.

      Thanks,
      Hank Emery




      -----Original Message-----
      From: Kevin.M.Presto@enron.com [mailto:Kevin.M.Presto@enron.com]
      Sent: Thursday, June 07, 2001 4:00 PM
      To: henry.emery@ubspainewebber.com
      Subject: RE: Portfolio


      Thanks.

          -----Original Message-----
         From:   "Emery, Henry" <henry.emery@ubspainewebber.com>@ENRON



[mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebbe
      r+2Ecom+3E+40ENRON@ENRON.com]


         Sent:   Thursday, June 07, 2001 3:54 PM
         To:     Presto, Kevin M.
         Subject:  RE: Portfolio

         Mr. Presto,
         I'll work on some things. let me play with it for awhile and I'll
   see
         what
         we can figure out.

         Thanks,
         Hank Emery


         -----Original Message-----
         From: Kevin.M.Presto@enron.com [mailto:Kevin.M.Presto@enron.com]
         Sent: Thursday, June 07, 2001 3:48 PM
         To: henry.emery@ubspainewebber.com
         Subject: RE: Portfolio


         Except it can't be negative because they were grants at no cost to
      me.
         The problem is the combination of restricted stock which is total
      market
         value and options which is gain/loss need to be added together to
   get
         total
         portfolio value.

         I was hoping you could trick the system so portfolio value was
      accurate.

             -----Original Message-----
            From:   "Emery, Henry" <henry.emery@ubspainewebber.com>@ENRON




[mailto:IMCEANOTES-+22Emery+2C+20Henry+22+20+3Chenry+2Eemery+40ubspainewebbe
         r+2Ecom+3E+40ENRON@ENRON.com]


            Sent:   Thursday, June 07, 2001 3:30 PM
            To:     Presto, Kevin M.
            Subject:  RE: Portfolio

            Mr. Presto,
            That is true, I was wondering if we shouldn't just figure that
   the
            Gain/Loss(Difference between the current market value and the
   cost
            basis)
            represents the actual value of the stock option portfolio. Does
      that
            make
            sense?

            Thanks,
            Hank Emery

            -----Original Message-----
            From: Presto, Kevin M. [mailto:Kevin.M.Presto@enron.com]
            Sent: Thursday, June 07, 2001 2:20 PM
            To: henry.emery@ubspainewebber.com
            Subject: Portfolio


            The options are not valued properly.   The market value is
      calculated
            based upon the value of the underlying, which grossly
   overstates
      the
            market value of the portfolio.  The restricted stock (basis of
   $0)
      is
            valued OK, but the options are not.

            In addition, the year restricted stock and option grant is not
   yet
      in
            the portfolio.


            Notice Regarding Entry of Orders and Instructions: Please
            do not transmit orders and/or instructions regarding your
            UBS PaineWebber account(s) by e-mail. Orders and/or
   instructions
            transmitted by e-mail will not be accepted by UBS PaineWebber
   and
            UBS PaineWebber will not be responsible for carrying out such
      orders
            and/or instructions.  Notice Regarding Privacy and
      Confidentiality:
            UBS PaineWebber reserves the right to monitor and review the
      content
         of
            all e-mail communications sent and/or received by its
   employees.


         Notice Regarding Entry of Orders and Instructions: Please
         do not transmit orders and/or instructions regarding your
         UBS PaineWebber account(s) by e-mail. Orders and/or instructions
         transmitted by e-mail will not be accepted by UBS PaineWebber and
         UBS PaineWebber will not be responsible for carrying out such
   orders
         and/or instructions.  Notice Regarding Privacy and
   Confidentiality:
         UBS PaineWebber reserves the right to monitor and review the
   content
      of
         all e-mail communications sent and/or received by its employees.




      Notice Regarding Entry of Orders and Instructions: Please
      do not transmit orders and/or instructions regarding your
      UBS PaineWebber account(s) by e-mail. Orders and/or instructions
      transmitted by e-mail will not be accepted by UBS PaineWebber and
      UBS PaineWebber will not be responsible for carrying out such orders
      and/or instructions.  Notice Regarding Privacy and Confidentiality:
      UBS PaineWebber reserves the right to monitor and review the content
   of
      all e-mail communications sent and/or received by its employees.
       - PRESTO-MAY.pdf << File: PRESTO-MAY.pdf >>


   Notice Regarding Entry of Orders and Instructions: Please
   do not transmit orders and/or instructions regarding your
   UBS PaineWebber account(s) by e-mail. Orders and/or instructions
   transmitted by e-mail will not be accepted by UBS PaineWebber and
   UBS PaineWebber will not be responsible for carrying out such orders
   and/or instructions.  Notice Regarding Privacy and Confidentiality:
   UBS PaineWebber reserves the right to monitor and review the content of
   all e-mail communications sent and/or received by its employees.


Notice Regarding Entry of Orders and Instructions: Please
do not transmit orders and/or instructions regarding your
UBS PaineWebber account(s) by e-mail. Orders and/or instructions
transmitted by e-mail will not be accepted by UBS PaineWebber and
UBS PaineWebber will not be responsible for carrying out such orders
and/or instructions.  Notice Regarding Privacy and Confidentiality:
UBS PaineWebber reserves the right to monitor and review the content of
all e-mail communications sent and/or received by its employees.