Hi Sara.  

With all due respect Sara, I have a constructive suggestion for both of us. 
In Anna's view, and I agree, it is causing some unnecessary confusion that 
you call her to negotiate provisions of the contract that I am negotiating 
with her without my knowledge.  It makes both you and I look disorganized and 
in doing so, I beleive it undermines our position in negotiating the terms.   
As a practical matter, it is extrmemly difficult to negotiate a contract and 
administratively organize the execution if I am not sure whether there is 
someone else taking steps (especially with outside counsel that I am not 
aware of.)   If you have asked me to negotiate an agreement -- as in the case 
of Enron Credit Inc. -- and you have an update on the status -- having sat in 
on the conference call on Friday, then why not let me do so?  At the very 
least, could you call me first for an update or try to include me in the 
call. 

Equally important, while I am sure that it is not your intent, you are 
undermining my morale.  I have constantly kept you updated  -- sometimes on 
an hourly basis -- on the status of what is going on with all of the 
administrative and legal tasks.   To call outside counsel under those 
circumstances  comes across as a vote of no confidence in my work and efforts 
which is baffling to me because I think I have worked hard and have 
accomplished a tremendous amount with respect to the brokerage agreement 
project.   I have negotiated these agreements with a great deal of 
thoughtfulness and skill. I have gone above and beyond even to determine 
applicable law that no one else was aware of.

Moreover on Friday (again without intending to do so) you undermined my 
morale by telling me that there were administrative tasks that needed to be 
done.  You said that you hope I know that the agreement does not just become 
executed once we sign it.  Sara, it should be obvious to you that I know -- 
perhaps better than anyone else -- what administrative tasks need to be 
accomplished to open this kind of brokerage account.  I have even figured out 
that there are administrative tasks beyond what any one else is aware, for 
example, in the case of the ancillary NASDAQ agreements, that no one else was 
aware had to be completed.  I have proven already that I can execute all of 
the administrative tasks in an expedited manner.  

I want these comments to be taken in the spirit in which they are given -- 
which is that we both mean well and are working toward a common goal and that 
everyone can learn from anyone.  I look forward to talking to you further so 
that we do not let the frantic nature of our work make any one feel that 
their efforts are not valued.




Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693