Attached is some information on the book values of our investment in NBP.  As 
you can see, we track our investment by GP and LP.   I have forgotten who was 
following up with whom - if you would like we could have Patty work this 
through.  If so, who should she talk to?  I think the issues are:

What is the basis for carrying EOTT on a mark to market basis (if this is in 
fact true)?  Could that rationale apply to our investment in NBP?
Are we required to carry LP interests on an equity method?  Why, given that 
no real control follows the LP unit?
Could the GP interest be bifurcated from the LP, i.e. carry the GP on the 
equity method and the LP on a cost or mark to market method?
Is there any basis for carrying newly purchased units on a different method 
than our original holdings?

Have I missed any?
---------------------- Forwarded by Jerry Peters/NPNG/Enron on 11/06/2000 
03:59 PM ---------------------------


Tom Umphreys
10/27/2000 11:46 AM
To: Jerry Peters/NPNG/Enron@ENRON
cc:  

Subject: GP and CU Book Values

Jerry-

Here is the file we discussed.