I heard Whalley was neutral to the London Clearing thing.  

My take on it is that we want both the trade and the information associated with it like who it was, etc.  In theory, that is true.  The question is that in reality, is that sustainable.  In gas and power U. S., other than ICE we are able to do that for the most part.

Andy Zipper had a good idea and is focusing on a subset of this which is finding a way for hedge funds, institutions and locals to get at our liquidity through a clearing agent.  These entities do not transact currently on EnronOnline because of credit restrictions so if we could set up a master user, like a clearing agent, then the agent would set up sub users like the funds and/or locals.  This should not effect Whalley's concern because all these trades, though anonymous, would be incremental.

Your thoughts?

GP

 -----Original Message-----
From: 	Sherriff, John  
Sent:	Thursday, May 24, 2001 8:39 PM
To:	Justin Boyd/Enron@EUEnronXGate@ENRON
Cc:	Whalley, Greg; Michael Brown/Enron@EUEnronXGate@ENRON; Piper, Greg; Zipper, Andy
Subject:	Re: Recommended Offer by ICE for IPE Holdings


My view is that we should go ahead and accept the ICE offer.  Please proceed with
the acceptance offer unless someone has a strong objection in which case let's
discuss on Tuesday.

John



From:	Justin Boyd/Enron@EUEnronXGate on 24/05/2001 09:57
To:	Greg Whalley/HOU/ECT@ECT, John Sherriff/LON/ECT@ECT, Michael Brown/Enron@EUEnronXGate, Greg Piper/ENRON@enronXgate, Andy Zipper/ENRON@enronXgate
cc:	 

Subject:	Recommended Offer by ICE for IPE Holdings

This is to point out to you the approaching deadline for accepting ICE's Offer for IPE Holdings.  If we wish to accept this Offer, we must do so no later than 3 pm on Tuesday 29 May.

In the meantime, Michael has received calls from Richard Ward (IPE's CEO) inquiring as to our position, and it would be my view that we should accept the Offer. (Note that if ICE receives acceptances of 90% or more, then our shares in IPE Holdings will in any event be mandatorily acquired.  And assuming that such level of acceptances will be received, there is no reason for not accepting the Offer).

Please would you let me know whether you wish to accept the Offer.  Ideally, if we are to do so, I would plan to send the acceptance by close of business on Friday 25 May.


Thanks
Justin