I have found the events of the last two months to  be among the most unsettling in my 15 years of owning stock in public  companies.  I have sold my 1,800 shares of Enron Corp. because I no longer  have faith in the board to be a good watchdog for the best interests  of the shareholders.  I just don't understand how senior managers can  manipulate the financial results of the company for the past five years and only  recently be discovered.  I expect the board to act as more than a lap-dog  for senior management.  I am encouraged you turned down the chance to  accept a $60 million payday for this merger that salvages what little  shareholder value remains in Enron.  I would expect the board to seek  repayment of any and all bonuses paid to senior managers based on these  inaccurate financial results, including the estimated $30 million paid to the  CFO, who allegedly is the architect of this scheme to defraud  stockholders.  Had I known the company was apparently built on smoke and  mirrors, I would have sold my stock long ago and not be forced  to watch my  children's college fund be pocketed by executives who have little regard for the  stockholders they were hired to serve.  I guess the only lesson I can take  from this is that no company, no matter how large or prestigious is safe from  dishonest management.  I do not include you in this group, but I do believe  you and the board bear some blame for allowing this happen for the past five  years.
 
Wayne Heilman
Former Enron Stockholder