Paul,

Thanks for lunch a few weeks ago.  Sounds like you have a ton of work and 
responsibility these days.

Also, thanks for working with Gros on CommodityLogic.  It is a great 
application that I think will help our industry better manage the ever 
increasing transaction flow.

In addition to CommodityLogic, and as a follow-up to our lunch, I would like 
to come over in a few weeks and sit down and show you and your team what we 
mean by "outsourcing" your mid and back office functions to our 
"ProsessCo/ServiceCo."  I think we have identified what types of services we 
could offer and under what type of arrangements.  Basically, you have risk 
reporting, general ledger, deal capture, confirmation, 
nominations/scheduling, volume management and settlements (invoice and cash 
payments/collections).  We will articulate how it works and how it hopefully 
makes sense for you to let us add a few more resources to accomodate your 
growing business instead of you building it from scratch.  

I also talked to Whalley and Bibi about your concerns on security/neutrality, 
comparable service levels to Enron, term and the ability to do financial 
easier than physical.  We can go through all that as well.

I will contact you soon and arrange a time.

Let me know your thoughts.

Piper


PS  Let's do another dinner with McGowan, etc. soon (or play golf some time 
or catch some beers).