We will be completing the Raptor 1 swaps by this Friday's deadline as 
requested of Sefton's group.  I am not sure which of you will be replacing 
Julia Murray's role in coordinating the work of the finance group on Raptor's 
2, 3, 4 programs and beyond; however, within the next few days, please let me 
know so that I can set a meeting with you to discuss processes and procedures 
for future securities and investment review in connection with the 
preparation of the swaps.  Raptor 1 processes were fine for the first round, 
but a number of changes should be made for future programs to improve 
information flow, logistics, and division of labor.  Advise this week, and 
then next week I will set a time to meet for discussion.



Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com