Vince:
Here is the document sent by Ryan today. I did not have the chance to look at 
it yet.
Paulo Issler
---------------------- Forwarded by Paulo Issler/HOU/ECT on 04/12/2000 04:19 
PM ---------------------------


Ryan Siurek@ENRON
04/12/2000 10:05 AM
To: Paulo Issler/HOU/ECT@ECT
cc:  
Subject: Re: Draft Analysis

fyi
---------------------- Forwarded by Ryan Siurek/Corp/Enron on 04/12/2000 
10:05 AM ---------------------------
   
	Enron Capital Management
	
	From:  Trushar Patel                           04/11/2000 09:49 AM
	

To: Ryan Siurek/Corp/Enron@ENRON
cc:  

Subject: Re: Draft Analysis


---------------------- Forwarded by Trushar Patel/Corp/Enron on 04/11/2000 
09:49 AM ---------------------------


ian.c.dsouza@us.pwcglobal.com on 04/04/2000 01:42:34 PM
To: Trushar.Patel@enron.com
cc: steven.j.stampf@us.pwcglobal.com, timothy.luehrman@us.pwcglobal.com 

Subject: Re: Draft Analysis




Hi Trushar

Please find attached our draft analysis.  It is still very preliminary as we
have not been provided the latest version of legal documents and so the 
analysis
reflects our understanding of the economics of the transaction as outlined to 
us
based on discussions with Enron and available prior draft documentation..

The analysis uses the Enron share price as of March 28, 2000 ($72.81) and
assumes the LJM2 distribution is based on $30m or 25% IRR.  We anticipated 
that
this might reach 30% IRR based on Enron discussions with LJM2.

Please call Steve Stampf's phone number for tomorrow's conference call at 
9.30am
our time on 212 597 3162.

Regards

(See attached file: Raptor v5.ppt)
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 - Raptor v5.ppt