Campbell is a hedge fund we have been pursuing for over a year now, but there 
have been two stumbling blocks to our trading with them. The first was that 
their funds were not setup to allow trading OTC instruments, only futures 
were allowed. Recently, they found away around that problem by reorganizing 
one of their domestic funds to authorize OTC instruments. One hurdle has been 
removed.

The second issue is Enron's credit rating. We need to help them get around a 
requirement for a minimum single A credit rating on counterparty risk. To do 
this, I would like to show them the credit arrangement we have with Tudor, 
i.e. a zero threshold and with mutual margining but including our ability to 
post letters of credit. Before we get to the ISDA negotiation phase, Campbell 
wants to see a sample of what the l/c would look like and the type of banks 
we would be using along with their credit ratings. Can you have a sample 
prepared for me without going the full step of preparing an ISDA draft?

I'm in Houston Friday morning and will drop by tomorrow morning to say hello. 
Perhaps we can discuss it then.

With best regards,
Per