I am making good progress.  I have met with Mike, Matt, Bob, and Jeff.  It sounds like Mike is done, the rest are close.  I told each of them that this is a "fill or kill" bid.  If they like it then we'll get done, if not then we can revisit at the end of their existing contracts.  I also told each of them that if the market changes between now and then that it's their risk.  I also said that if they value keeping their options open that they better figure out some way to monetize their theta as Enron would not be in a position to make them whole for what they would have been paid had they chosen not to keep their options open.

I still have a couple of issues.  One is Greg Wolfe.  I am thinking that his package should look quite similar to Motley's.  I need to show him numbers today and would like to talk with one or both of you about it before I talk to Greg.  I want to show him numbers for a two-year and a three-year contract.  He is currently talking to AEP, Calpine, and Arizona Public Service.  He is asking for a lot of money to stay:  Base of 200, signing of 100, annual retention of 100 plus equity of 600 with a two year vest.  He would also do a 3 year deal with equity of 800 with a three year vest.  I have talked a little bit with Mike S. about how important Wolfe is to the Northwest Middle Market effort.  The answer was that he is really important because he knows all of the customers, he knows Enron's internal process, and he is very good at working with Mike to get deals executed and papered properly.  Having said that, Mike said that he supports whatever decision I come up with in terms of retaining Wolfe -- in other words, if he leaves then he leaves and Mike is ok with that.

I'd like to talk to one of you this afternoon to hear your thoughts and ideas on this.  I'll give you a call.