FYI

----- Forwarded by Joel Ephross/Corp/Enron on 10/26/2000 09:07 AM -----

	Ryan Siurek
	10/26/2000 09:03 AM
		 
		 To: Joel Ephross/Corp/Enron@ENRON
		 cc: Brent Vasconcellos/Corp/Enron@ENRON, AnnMarie Tiller/Corp/Enron@ENRON
		 Subject: re:  Raptor I Share Settled Swap

Here is the document we discussed this morning.  Please advise me of you 
comments/questions.  We may potentially want to execute by end of business 
today.

Ryan
----- Forwarded by Ryan Siurek/Corp/Enron on 10/26/2000 09:01 AM -----

	Ryan Siurek
	10/26/2000 07:32 AM
		 
		 To: Jordan Mintz/HOU/ECT@ECT
		 cc: Rodney Faldyn/Corp/Enron@Enron
		 Subject: re:  Raptor I Share Settled Swap

Jordon,

Rick, Rodney and I have been exchanging voice mails regarding the issue of 
locking in the value of the Enron Corp. stock within the Raptor I vehicle.  
There has been some new accounting literature that has come out recently, 
EITF 00-19, that we are currently working through in order to execute a share 
settled agreement between Enron Corp and Talon I.  I have drafted a proposed 
"high-level" binding letter between Enron and Talon in order to facilitate 
this transaction by the end of business today (assuming Rick and Andy decide 
that they want this effective today).  Can you please have an attorney 
working on reviewing this document and making changes as appropriate to 
ensure that it will be binding between the parties.  

Please call me if you have any questions.

Ryan