In this Violation memo, you are taking out positive P&L associated to a nat 
gas posion in the LPG books which is a true hedge versus some long dated 
propane positions.  When you add back the hedge P&L I believe there is no 
violation.

Jeff

 -----Original Message-----
From:  Abel, Chris  
Sent: Wednesday, June 20, 2001 4:25 PM
To: Buy, Rick; Nowlan Jr., John L.; Murphy, Ted; Port, David; Schultz, 
Cassandra; Shankman, Jeffrey A.; Whalley, Greg
Cc: Apollo, Beth; Wilson, Shona; Thibodeaux, Kenneth; Price, Brent A.; Hall, 
D. Todd; Burns, Jennifer; Romero, Araceli; Taylor, Liz; Wallace, Cassi
Subject: Final 6/19/01 Global Products Notification

Attached is the Enron Global Markets Global Products Trading notification 
memo for  5 Day Cumulative Loss for June 19, 2001.  The Office of the 
Chairman for Enron Global Markets is responsible for printing out a hard copy 
of this memo, signing it and returning the hard copy to Chris Abel at 3155a, 
who will forward it to RAC to obtain their signature. 

Thank You


 << File: 6-19 Global Products 5 Day.doc >>