Greg, 

the e-mails below outline my ideas for an improved commercial effort in the 
South American region, including the offer to discuss (as objectively as 
possible) a critical review of our managerial, execution and employee 
strengths and weaknesses in the region. 

I am trying to schedule meetings in Houston during the week of Nov 20 in 
order to finalize in the recent transition and restructuring a position 
remaining with Enron - but including a priority to remain in Brazil, given 
it's enormous and, at least for Enron, as yet largely unrealized potential.  

I've isolated business units in Bundled Products and Networks, separately 
from core Origination and Trading, in the Org Chart graphics below and 
propose that my capabilities and interest might be best leveraged with clear 
deliverables and responsibility for these units.   

You and I didn't have the chance to discuss commercial opportunities in the 
region more completely, but the Bundled Products and Networks units might 
better be combined, given that there are several transactions that would 
easily include bundling potential Enron Networks "products" (e-platforms, EOL 
(commitment of physical product in exchange for EOL marketing, etc.,..)  into 
a transaction.

Appreciate any, all inputs and look forward to further discussion.

---------------------- Forwarded by D'Arcy Carroll/SA/Enron on 11/14/2000 
02:26 PM ---------------------------


D'Arcy Carroll
11/14/2000 02:24 PM
To: David W Delainey@ECT, John J Lavorato/Corp/Enron@Enron
cc:  

Subject: Brazil Commercial


David/John - 

Does it work to try to schedule a meeting in Houston with you both during the 
week of Nov 20?

As a reminder, I am in a somewhat pressing situation in trying to determine 
whether there is an opportunity to stay in Brazil focussed on commercial 
opportunities, or relocating within Enron - for personal reasons accomodating 
my wife's professional work, relocating only either back to NYC or to 
London.   

I have had a first round of meetings with Enron UK and Enron Houston and 
identified some areas of potential, but my priority would be to stay in 
Brazil, albeit given an improved structure, report, deliverables and 
authority to execute to Enron's potential in the region.

---------------------- Forwarded by D'Arcy Carroll/SA/Enron on 11/14/2000 
01:46 PM ---------------------------


D'Arcy Carroll
11/09/2000 06:20 PM
To: David W Delainey@ECT, John J Lavorato/Corp/Enron@Enron
cc: Kay Chapman@ECT 

Subject: Brazil Commercial - ** Update Version, delete previous **

David/John - understand the trip will be delayed.    

Proposal Outline has two texts - I. Commercial Strategy and II. Historical 
Perspective.  The Org Charts will need some discussion - particularly in 
regard to the strengths and weakness of employed personnel and urgent need 
for an improved structure. 

Over the FH 2000 and within the new structure with Brett and Joao Carlos 
Albuquerque in place, the Wholesale group and Trading desk seems to have made 
some important strides forward in terms of recruiting some good individuals 
and, in trading terms,  finally executing some fundamental market supply, 
demand and transmission analysis. 

To get into the game quickly and aggressively, though, I think the commercial 
group needs to hire some senior, local trading expertise.  I apoligize, but 
was unable to get in contact with either of these two guys to set up a 
possible meeting this week.  However, they have the local knowledge, trading 
competencies and management experience which I consider needed to catalyze 
the regional effort: 

Axel Hinsch -  Argentine and Cargill employee with several years and broad 
commodity and financial trading, business development and management    
experience, including senior trader for the Bear Stearns Emerging Markets 
equity desks in the late 1980s/early 1990s. Straight up, no ego
   Argentine Country Manager. 

Mark Hoffman - Swiss/Brazilian and Glencore employee with several years 
energy, energy distribution and sugar sector experience; applied commodity    
and financial arbitrage experience in the Brazilian market.   Lot less 
straight forward, but applied knowledge and expertise.
   Senior Originator/Trader.

Please forward any input about your interest in scheduling a meeting either 
open here or in Houston during the week of Nov 20. 



For some perspective on my experience at Enron, let me explaing that I have 
been working in Enron Networks in the region from Q2 '00 and therefore much 
less formally invovled with the trading (Brazil spot market) and Wholesale 
pricing, tarrif issues etc.,.. than at the end of FY1999 when I was directly 
involved in developing our effort to get in the game in understanding the 
spot price formula calculations and exploring arbitrage opportunities in the 
wholesale market.   

I've attached my resume for some perspective on my background and capability 
to critically review the commercial (trading and marketing) and managerial 
issues involving the past and future opportunities.