Louise:

We gave the attached presentation to Bridgeline management with respect to using Bridgeline credit to support Enron transactions.  Bridgeline was somewhat positive and I have arranged for Enron to make a presentation to the full Board at our meeting on Thursday.  

Under one of the proposed credit structures, Bridgeline would provide a guarantee to an Enron counterparty.  Enron's repayment obligation to Bridgeline (in the event of an Enron default) would be secured by our future dividend payments.  We used the El Paso transport deal that Stephanie and Linda R. have been working on as a specific example of how this structure would work, and we plan to present this deal at the Thursday meeting.

Assuming that the BHLP board approves the credit structure, is this how you want to use this credit support?  Specifically, is the El Paso transport deal how we should use the available capacity or is there another deal that creates more value (or relieves more pain) for Enron?  I thought I would check before we got too far down the road.

Regards,
Brian