yea, i'd be willing to take a look at any of these ideas.  

 -----Original Message-----
From: 	"Gapinski, Michael" <michael.gapinski@ubspainewebber.com>@ENRON [mailto:IMCEANOTES-+22Gapinski+2C+20Michael+22+20+3Cmichael+2Egapinski+40ubspainewebber+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Thursday, August 09, 2001 2:32 PM
To:	Arnold, John
Subject:	The Syndicate Game

John -

I want to float an idea past you to see if you have any interest.  In the
past, I have not made a habit of participating in PaineWebber syndicate
offerings because, frankly, investment banking was not our strong suit.
Now, with the UBS merger, our deal flow is starting to look much better (see
press release below).  5.79% isn't a mind-blowing number, but it is
impressive in light of market conditions and the fact that "UBS Warburg was
the only bank to have a positive return among the 17 banks listed including
Merrill Lynch, Morgan Stanley, Goldman Sachs and Salomon Smith Barney."

As the market rebounds, I think you may benefit from participation in IPOs
and other syndicate deals.  If you have an interest in this, let me know and
we'll discuss it further.  Thanks.

January 12, 2001
UBS Warburg has been ranked first in IPO performance for US offerings in
2000, according to Commscan's Equidesk. Achieving a 5.79% return, the result
is particularly significant considering the Bank was not involved in any of
the top 10 largest IPOs of the year.
Lead managing 12 IPOs, UBS Warburg was the only bank to have a positive
return among the 17 banks listed including Merrill Lynch, Morgan Stanley,
Goldman Sachs and Salomon Smith Barney. UBS Warburg also tied first place
for IPO "batting average" (the % of IPOs that trade above issue price),
achieving the highest "batting average" overall. Three deals in 2000 which
helped achieve these impressive statistics include Intermune
Pharmaceuticals, Luminex, and Bruker Daltonics.

> Michael Gapinski
> Account Vice President
> UBS PaineWebber, Inc.
> 713-654-0365
> 800-553-3119 x365
> Fax: 713-654-1281
> Cell: 281-435-0295
michael.gapinski@ubspainewebber.com



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