Jeff, 

I don't think this transaction makes sense. We should not keep increasing our 
exposure
in one area, given that we can deploy our capital in a more efficient way 
elsewhere,
without taking illiquid, long-term positions.  


Vince



   
	
	
	From:  Jeffrey A Shankman                           08/29/2000 10:30 AM
	

To: Eric Gonzales/LON/ECT@ECT, Joe Gold/LON/ECT@ECT, Vince J 
Kaminski/HOU/ECT@ECT
cc:  
Subject: Hyundai Merchant Marine LNG Draft DASH

Has any of you seen this?  Ideas, comments, feedback?  Thanks for the timely 
response.  Jeff
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 08/29/2000 
10:21 AM ---------------------------
   


From:  Rick Buy                                                             
08/29/2000 08:37 AM	
	
	
	                           
	

To: Jeffrey A Shankman/HOU/ECT@ECT
cc:  
Subject: Hyundai Merchant Marine LNG Draft DASH

This is a draft of the dash we are putting together. Michael Tribolet works 
in my group and feel free to contact him if you have specific questions. I 
also spoke with Frevert re Lng and he informed me that if project Summer 
happpens, Lng goes with Summer, if not, it is transferred to you. What 
happens in the mean time is anyone's guess. Lets discuss . Rick
---------------------- Forwarded by Rick Buy/HOU/ECT on 08/29/2000 08:32 AM 
---------------------------


Michael Tribolet@ENRON
08/28/2000 08:15 PM
To: Rick Buy/HOU/ECT@ECT
cc:  
Subject: Hyundai Merchant Marine LNG Draft DASH



Here is the draft of the DASH.    While having a positive NPV, many of the 
trials run are negative due to defaults.