Dee, what do you think?  I suggest that we let them handle that, but defer to 
your opinion.  Thanks.  Michelle

---------------------- Forwarded by Michelle Cash/HOU/ECT on 12/05/2000 10:40 
AM ---------------------------
From: Peter del Vecchio on 12/05/2000 09:07 AM
To: "Dean Crawford" <dcrawford@davis.ca>@ENRON
cc: "Brian Hiebert" <BFH@davis.ca>, pdelvec@ect.enron.com, Michelle 
Cash/HOU/ECT@ECT 
Subject: Re: Celgar: Pension Plan for Non-Union Employees  

Dean,

Michelle Cash is responsible for all employment, union and benefits issues.  
I will let her make that call.

Thanks,

Peter del Vecchio




	"Dean Crawford" <dcrawford@davis.ca>
	12/04/2000 08:41 PM
		 
		 To: <pdelvec@ect.enron.com>
		 cc: "Brian Hiebert" <BFH@davis.ca>
		 Subject: Celgar: Pension Plan for Non-Union Employees



Mr. Del Vecchio,
?
We have received materials concerning the pension plan for non-union  
employees at Celgar. The company's latest actuarial report disclosed that as 
of  January 1, 2000:
?
1. The going-concern liabilities exceeded the actuarial value of assets  by? 
C$1,922,342; and
?
2.? The solvency liabilities exceeds the market value of plan assets  by? 
C$1,805,819.
?
We have also received the full text of the plan and its amendments.
?
Will you be reviewing these matters internally or shall we retain a local  
actuarial firm to perform the due diligence?