Rick:   We should talk about this at some point.  Our international trading 
business is growing by leaps and bounds, and I am trying to get systems in 
place to manage this BEFORE it gets totally out of control. 

Lisa
----- Forwarded by Lisa Yoho/NA/Enron on 05/10/2001 02:49 PM -----

	Julia Murray@ECT
	05/10/2001 01:34 PM
		 
		 To: Delmar Davis/ENRON@enronXgate, daniel.hamilton@enron.com, Ian 
Mccrory/ENRON@enronXgate
		 cc: Lisa Yoho/NA/Enron@Enron
		 Subject: Importer of Record

I will follow up re the attached email with each of you.  Lisa, if you have 
not met Del, Dan and Ian--who are responsible for EIM logistics--we should 
all get together to discuss the regulatory implications of our increasingly 
physical trading business.. Regards,  Julia


Julia Heintz Murray
Enron Wholesale Services 
Enron Industrial Markets LLC
1400 Smith Street, EB3838
Houston, TX  77002
(713) 853-4794
Fax:  (713) 646-3393
julia.murray@enron.com

----- Forwarded by Julia Murray/HOU/ECT on 05/10/2001 01:28 PM -----

	Lisa Yoho@ENRON
	05/08/2001 10:47 AM
		 
		 To: Julia Murray/HOU/ECT@ECT
		 cc: 
		 Subject: Importer of Record

Julia - I think this is a huge issue, and I've been trying to get to the 
bottom of whether or not Enron is importer of record on its trades into the 
US.   Let's discuss when you have a minute.  Thanks, Lisa
----- Forwarded by Lisa Yoho/NA/Enron on 05/08/2001 10:44 AM -----

	BHafner@PGFM.com
	05/07/2001 03:32 PM
		 
		 To: Lisa.Yoho@enron.com, dan.lyons@enron.com
		 cc: rbelanger@pgfm.com, lyang@PGFM.com
		 Subject: Importer of Record

Lisa and Dan (and Tim):

Dick Belanger and I talked about the importer of record question we
discussed in this morning's telephone call.   For a trading company such as
Enron, that is importing products made by other companies, there is not much
advantage to being importer of record.  The one legal advantage is that the
importer of record can challenge actions taken by the US Customs Service,
such as misclassification or valuation issues.   There do not appear to be
other legal rights that Enron would sacrifice by not being importer of
record.  

However, the issue may not be whether Enron should be the importer of
record, but whether it can avoid being importer of record.  Particularly in
today's steel market, other parties may not be willing to be importer of
record for exactly the reason Stelco indicated -- no one wants to expose
themselves to the possibility of antidumping duties.   Thus, although Enron
could structure a deal in which, for example, Stelco sold to Enron Canada,
and Enron sold the steel to a US customer, with that customer acting as
importer of record, with the possibility of a o201 investigation and/or
AD/CVD cases lurking on the horizon, the customer may not be willing to
expose itself to the possibility of future AD/CVD duties, and hence would be
unwilling to act as importer of record.    

If Enron can find someone else who is willing to act as importer of record,
you would protect yourself better by structuring the deal that way.   The
question is whether you can find someone to be importer of record.

Feel free to call if you have any questions.

Regards,

Betsy 

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