This will slow us if we go this route.  I think the idea of an option to purchase is the best choice for us but probably difficult for you.

-----Original Message-----
From: Nicolay, Christi L. 
Sent: Friday, December 21, 2001 4:35 PM
To: Shuler, Lance; Henry, Joe; Sager, Elizabeth; Steffes, James D.;
Shapiro, Richard; Novosel, Sarah; Presto, Kevin M.; Herndon, Rogers;
Belden, Tim; Nettelton, Marcus; Novosel, Sarah; Lavorato, John; Kitchen,
Louise
Subject: Netco memo


See attached draft memo that outlines certain FERC issues for Netco, if Enron retains an interest.  
-- Regarding the portion about the new Supply Margin Assessment (SMA) test:  I heard that FERC is reviewing whether to use this test, but I have not seen the order yet.

-----Original Message-----
From: Yvonne Coviello [mailto:YMCOVIEL@LLGM.COM]
Sent: Wednesday, December 19, 2001 5:12 PM
To: Nicolay, Christi L.
Cc: Samuel Behrends
Subject: Revised Newco memo



Please see attached document.  

Yvonne M. Coviello
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
1875 Connecticut Avenue, N.W.
Washington, D.C.  20009-5728
Direct Dial: (202) 986-8044
Fax: (202) 986-8102
Email: ymcoviel@llgm.com








==============================================================================
This e-mail, including attachments, contains information that is confidential and may be protected by the attorney/client or other privileges.  This e-mail, including attachments, constitutes non-public information intended to be conveyed only to the designated recipient(s).  If you are not an intended recipient, please delete this e-mail, including attachments, and notify me.  The unauthorized use, dissemination, distribution or reproduction of this e-mail, including attachments, is prohibited and may be unlawful.

==============================================================================