That's too bad.  i am sure you learned a lot from the experience which will 
serve you well on the next one.  Keep plugging.


Pablo Acevedo @ ENRON   08/01/2000 12:39 PM

To: Scott Neal/HOU/ECT@ECT
cc:  
Subject: Bunge Energy Analysis

This is how far we got with these guys.

We did our best, believe me.

Pablo-
---------------------- Forwarded by Pablo Acevedo/SA/Enron on 08/01/2000 
08:41 AM ---------------------------
From: Gary Mirich@EES on 07/26/2000 12:54 PM CDT
To: rfarmer@bunge.com
cc: Douglas Condon/SFO/EES@EES, Pablo Acevedo/SA/Enron@Enron, Lamar 
Frazier/NA/Enron@Enron 
Subject: Bunge Energy Analysis

Dick, 
As we discussed today, Enron's analysis of Bunge's energy information 
indicates
inadequate regulatory and pricing opportunity for Enron to create additional 
value for Bunge.

Electricity:
The predominance of electricity usage occurs in states that are either 
several years
away from enacting deregulation or where the rules are insufficiently 
determined at this
time to even estimate an opening date.  When opening dates are more clearly 
defined
and we have confidence in energy curves for those markets, then we could 
revisit this
area of your energy profile. 

Natural Gas:
Bunge has taken the initiative to engage in several longer term supply and 
transporation 
agreements which have effectively managed your price/therm.  For those 
reasons, the 
opportunities are very limited for Enron to apply a consolidation approach 
and provide
compelling additional value for Bunge.

As we agreed in January, the first objective was to define the potential for 
mutual value
and then decide what, if any next steps were appropriate.  I regret we will 
not be able to
help Bunge at this time, but know that Enron will remain interested in 
assisting your
company in the future if and when market conditions afford us that 
opportunity.  

Please feel free to contact me at any time in the future if I can help answer 
further questions
for you or others who have been involved in this process.  Dick, thank you 
again for 
providing your time and attention to this inquiry process.  

Sincerely,

Gary Mirich