Thanks for the update.  I asked John Nowlan to give you a ring several weeks 
ago, and spend time with you.  Can you let me know if he got in touch with 
you?  

Regards

Jeff




GWDORSEY@aol.com on 01/05/2001 03:38:50 PM
To: jeff.shankman@enron.com
cc: whalley@enron.com 
Subject: fert


I reached Greg today and had a nice conversation. He encouraged me to call 
you.  

Having missed you today I wanted to make a few suggestions. 
With regard to your reservations about an investment in plant and equipment- 
I understand that any such investment would be: limited and subject to your 
being very attracted to the deal. I am confident that I can bring you deals 
that will sell themselves. 
-need to have an exit strategy that would allow an exit within 2-4years 


A trading strategy without investment in plant and equipment will yield 
attractive results. 

With regard to how that would look - I will draft a short business plan and 
send it to you next week basing it on a pure trading basis.  

Let me invite you and Greg to a breakfast (or any other meal) during the week 
of 16 Jan. That will give me a chance to get a few numbers in your hand 
prior. 

Regards for the New Year 
George Dorsey 
713 302 2047 
406 582 0974