Steve,
I am still a little out of it from my travels, but let me take a first shot 
at my reaction to this:
 I think we ought to at least challenge the notion that the mark-to-market 
exposure is so arcane as to be dismissed.  Generally, time is of the essence 
in most contractual relationships and the value of that time should take into 
account both time value of money and the value of the underlying at critical 
times.  
 I think that RAC should be deeply involved in setting negotiating strategy 
and be part of any decisions made.
I will add to this if and when the haze clears up.
Ted
---------------------- Forwarded by Ted Murphy/HOU/ECT on 02/20/2000 04:15 PM 
---------------------------


Robert Quick
02/18/2000 11:11 AM
To: Michael R Brown/LON/ECT@ECT
cc: John Sherriff/LON/ECT@ECT, Rob Walls/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, 
Steve W Young/LON/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Sally Beck/HOU/ECT@ECT, 
Mark E Haedicke/HOU/ECT@ECT, Tim Poullain-Patterson/LON/ECT@ECT 
Subject: Third report on Helsinki office

Michael, here is my third report. The password is green. 





The Appendices are also attached and the password for them is grey. tks





Robert