John,

Looks like no confirm since only physical (which seems odd that Stoneville 
sent us a confirm).  I think we should probably be consistent with Mahonia.  
Let me know your thoughts.  Thanks again for all your help.

Mike


 -----Original Message-----
From:  Thames, Davis  
Sent: Friday, January 12, 2001 1:41 PM
To: Garberding, Michael
Subject: Re: 

Mike, there really isn't a confirm with Mahonia, the FSA (forward sale 
agreement) defines our delivery obligation.  When John books that, it should 
then go to the physical desk to be booked into Sitara.  If you have trouble, 
call Brad McKay and he'll give you a contact to book the delivery 
obligation.  Remind him of the fixed price purchase obligation when he books 
it so that he doesn't think he's got an open short to play with.

In our deals the financial swap confirm was written by Chase.  I don't think 
there was ever a formal confirm on the floating physical purchase.

Davis

Enjoyed the drink last night - need to do it more often.






	Michael Garberding/ENRON@enronXgate 01/12/01 12:50 PM 	   To: Davis 
Thames/Enron Communications@Enron Communications  cc:   Subject: 



Quick question - did you prepare the confirm between ENA and Mahonia?  We 
were having the confirm people do that and they were playing stupid.  I am 
still thinking about your earning game - the only issue I can think of is 
selling a certain part of the fiber (i.e., that represents a certain physical 
asset) where gas is more fungible.  However, that can be gotten around.  
Enjoy and thanks.

Mike