---------------------- Forwarded by Lisa Mellencamp/HOU/ECT on 02/18/2000 
02:04 PM ---------------------------


"Rick Antonoff" <rantonof@cwt.com> on 02/17/2000 11:36:01 AM
To: Lisa Mellencamp/HOU/ECT@ECT
cc: "David Mitchell" <DMITCHEL@cwt.com> 
Subject: Cross-Product Netting





Attached is our revised draft memorandum per your conversation yesterday with
David.
Please let us know if you would like to talk prior to tomorrow's meeting with
Credit.

Regards.
Rick

(See attached file: #108245 v1 - Enron--cross product netting memo (3).doc)



|------------------------------------------------------------------|
|NOTE:  The information in this email is confidential and may be   |
|legally privileged.  If you are not the intended recipient, you   |
|must not read, use or disseminate the information.  Although this |
|email and any attachments are believed to be free of any virus or |
|other defect that might affect any computer system into which it  |
|is received and opened, it is the responsibility of the recipient |
|to ensure that it is virus free and no responsibility is accepted |
|by Cadwalader, Wickersham & Taft for any loss or damage arising in|
|any way from its use.                                             |
|------------------------------------------------------------------|



 - #108245 v1 - Enron--cross product netting memo (3).doc