Unless you object, we have decided to structure the auction site with the 
"auction procedures" set out on the bid page, immediately above the "submit" 
button.  As soon as the bid is submitted, the system will check to see if the 
counterparty has already accepted the GTC's or has a master in place.  Here 
is S&C's first draft of the procedures for an auction without a reserve 
price, with no commitment to sell (or buy) and no disclosure of bids to other 
parties.  It is my impression that this is the way the EnBank auctions will 
be conducted.  Is that correct?  Any suggestions/comments?

Mark


---------------------- Forwarded by Mark Taylor/HOU/ECT on 02/14/2000 11:39 
AM ---------------------------


GILBERGD@sullcrom.com on 02/14/2000 08:20:25 AM
To: Mark Taylor/HOU/ECT@ECT
cc: RAISLERK@sullcrom.com 
Subject: Auction Procedures



Attached is a draft of the Auction Procedures we discussed.  Because I don't 
know how the auction page will be configured, it is likely that conforming 
changes will be necessary.  Also, I have left the references to "Enron" in 
brackets; I am not sure if a specific entity will be referenced or if all 
entities will be defined collectively as "Enron".  Please call or e-mail with 
any questions or comments.  Best regards.


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