Russ,
I just want to confirm that by moving the Credit account to a Stock Loan 
account status that we will not have less favorable financing  terms.  
We currently have FF-25bp and FF+75bp.

Sara Shackleton is working with Legal at Bear Stearns but BS - Legal may need 
to discuss with you have the guarantee will work.  Sara said that they may be 
unclear as to its purpose.

Thanks. Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 02/07/2001 09:12 
AM ---------------------------
   
	
	
	From:  Sheila Glover                           01/10/2001 01:27 PM
	

To: "Miron, Russel (Exchange)" <rmiron@bear.com> @ ENRON
cc: Jeff Kinneman/HOU/ECT@ECT 
Subject: RE: Morgan Stanley Letter of Guarantee for Enron North America  

Russ,
We need to discuss what difference a Letter of Guarantee will make to our 
margin requirements before we proceed too far along.  Obviously, we would 
continue only if the benefits will be there.
Many Thanks.  Sheila



"Miron, Russel (Exchange)" <rmiron@bear.com> on 01/09/2001 07:02:12 PM
To: "'Sheila.Glover@enron.com'" <Sheila.Glover@enron.com>
cc:  
Subject: RE: Morgan Stanley Letter of Guarantee for Enron North America


I also have a letter of guarantee. I'd like to forward it to you. I'll call
you in the a.m.

-----Original Message-----
From: Sheila.Glover@enron.com [mailto:Sheila.Glover@enron.com]
Sent: Monday, January 08, 2001 8:23 AM
To: rmiron@bear.com
Cc: Jeff.Kinneman@enron.com; Tom.Doukas@enron.com
Subject: Re: Morgan Stanley Letter of Guarantee for Enron North America


Russ,
Enclosed you will please find a Form for a Letter of Guarantee  from Enron
Corp.  As per Jeff Kinneman's conversations, we would like to explore using
a guarantee to reduce the margin requirements on the Credit Trading
portfolio for ENA.
Please advise as to the  margin requirements' reduction we could achieve
with this approach.
Thanks. Sheila Glover
---------------------- Forwarded by Sheila Glover/HOU/ECT on 01/08/2001
08:00 AM ---------------------------

From: Clement Abrams@ENRON on 01/07/2001 09:14 PM

To:   Sheila Glover/HOU/ECT@ECT
cc:
Subject:  Re: Morgan Stanley Letter of Guarantee for Enron North America
      (Document link: Sheila Glover)

Sheila,

Following is the form of Enron Corp. letter of guarantee.  Please call me
if you have any questions.

Clement

(See attached file: gtytemp.doc)



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