That may work -  I don't want to end up with an equity position I just worked 
hard to eliminate. Further, raptor may be a good accounting hedge but if we 
took back JEDI's share at existing marks we would be destroying significant 
real value. Will the buy back price of the equity/debt we get back from JEDI 
incorporate the write downs we think should occur?

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 05/11/2000 
02:29 PM ---------------------------
   
	Enron Global Finance
	
	From:  Mike Jakubik                           05/11/2000 02:09 PM
	

To: David W Delainey/HOU/ECT@ECT
cc:  
Subject: Re: Raptor  

Dave, I assume you are asking how we hedge the portion of JEDI II investments 
that will come back to us after the restructuring. As any buyout price for 
CALPERS will reflect the state of the assets at closing, I think we are well 
hedged until the closing of the restructuring. We can see if we can reserve 
some Raptor capacity upfront to hege us moving forward from the restructuring 
closin. If this does not answer your question, let me know.    Mike



David W Delainey
05/11/2000 01:37 PM
To: Mike Jakubik/HOU/ECT@ECT
cc:  
Subject: Re: Raptor  

How do we immunize ourselves from the workouts being shed into Raptor?

Regards
Delainey