I still don't understand the 4 million ENA issue. 

Jeff


   
	
	
	From:  George McClellan                           12/22/2000 01:40 PM
	

To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc: Kevin McGowan/Corp/Enron@ENRON, Stuart Staley/LON/ECT@ECT 
Subject: 2000 Margin

Please find below a summary of where we stand for the year.  AIG will not 
close this year.   Mike Beyer is in Kentucky today closing on the revised 
Panther deal with Cline.

Current Coal -            $15 mm
Current Emissions - $3 mm
New International -   $5 mm
New USA -                  $3 mm
Panther -                      $5 mm
Sempra -                     $24 mm

Total -                          $55 mm

Please note we will have to fight 2 - internal issues in early Jan.  The 
first is the  American Coal Co. senior note that has resided in Treasury the 
past year.  There is a $1.7 mm hit associated with the note.  Our position is 
that Treasury agreed to take the note a year ago and manage it.  Any lose is 
by definition theirs.  I will get with Joe Deffner on this.

The second issue is the $4 mm that John Lavorato owes us for taking the 
incorrectly marked emissions book.  ENA clearly owes us this money, I'll 
follow up with Lavorato to discuss.

Kevin McGowan will be in next week to ensure that all the deals are correctly 
booked.

George