As agreed on the 5/31 conference call, Enron will prepare an annex discussion 
draft which incorporates comments provided to the group.  Anyone wishing to, 
may send me comments on the intial draft prepared by Bill McCoy last winter 
by JUNE 6.  Enron's discussion draft will then be prepared based on comments 
received and circulated for further discussion.

The collateral group agreed to meet in Houston on July 31.  I would like to 
schedule the Drafting Committee meeting either on the 7/30 or 8/1.