Russell:

I received your voice mail about the one (1) year financial trade done 
between ENA and CP.  The three-month limitation on trades is only an internal 
ENA control which was imposed by credit some years ago.  Please refer to 
Lotus Notes for a more comprehensive explanation.

The Master Agreement has been executed.  However, CP was unable to render a 
legal opinion vouching for "blanket" enforceability of the trades due to 
conflicting PUC orders which are still in effect today.

What is credit's position when your internal policy is violated?  Who was the 
trader?  Have you spoken with the trader?



Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com