I wanted to make sure you were aware of something that has come up since
the last breakfast meeting regarding our group financing the Arena parking
garage.  Baker & Botts put us in touch with the Rockets to discuss Hines
being the Development Manager on the Arena and garage.  Although not fully
agreed, there is strong interest on both sides.  Besides help on the
development front, we think there may be value in our acting as a bit of a
buffer between the Sports Authority and the Rockets and coordinating any
issues involving the new convention hotel(where we are also providing
development management).  The Rockets(Mike Goldberg-Baker & Botts) have
talked to Ric Campo and supposedly he is enthusiastic but thinks this
should "be the Authority's idea.".  One issue is how much of our fee would
apply to the garage, which presumably the city would pick up, and how much
would apply to the Arena.  Since this is a fast moving issue, I wanted you
to know about this. Obviously the discussions are all very confidential.
If you have any thoughts in advance of the next breakfast meeting, please
give me a call at 713-966-2606.

Also, on another topic, we have been doing a tiny bit of pie in the sky
brainstorming on the concept of creating some kind of Futures/Options
market in the commercial space market.  I will approach Jeff Skilling
unless you would recommend elsewhere within Enron.