Sara,

Here are the e-mails that were exchanged. In no way are you implicated for 
the delay. All of your assistance is and always will be greatly appreciated!

Regards,

Jorge
---------------------- Forwarded by Jorge A Garcia/NA/Enron on 04/02/2001 
10:34 AM ---------------------------


Jorge A Garcia
04/02/2001 10:05 AM
To: Sheila Glover/HOU/ECT@ECT
cc: Laurel Adams/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Aneela 
Charania/HOU/ECT@ECT 

Subject: Re: Swap with Credit Trading  

Sheila,

I completely agree with you. For the record, I wasn't brought into the loop 
until early March. These were all traded in the month of January. Who was 
looking at them during the month on January and February? 

The reason the individual confirms were not executed is because Aneela did 
not want to have to settle on various days within the month. With the basket 
confirmation, the settlement date will be the 17th of each month. This will 
eliminate the administrative burden of having to calculate the settlement 
amounts on multiple days throughout the month. Updating the confirmation will 
not be a problem for all future trades. All that will be required is to amend 
the annex of the confirmation when a new swap is added or removed. I will be 
handling them personnally going forward so they will be taken care of within 
the required 24 hour period.

Regards,

Jorge


   
	Enron North America Corp.
	
	From:  Sheila Glover @ ECT                           04/02/2001 09:43 AM
	

To: Jorge A Garcia/NA/Enron@ENRON
cc: Laurel Adams/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT, Aneela 
Charania/HOU/ECT@ECT 

Subject: Re: Swap with Credit Trading  

Jorge,
Thanks for the response.
My question is should we have gone ahead with the three individual swaps 
until the consolidated was completed so we did not affect settlements and we 
could meet global standard requirements ffor confirmations which require 
confirmations within 24 hours of the trade.  
Not having a confirmation with Credit Trading and not getting paid for over 
two months is not acceptable, embarrasing and blows the perception as an 
efficient unit.

Sheila




Jorge A Garcia@ENRON
04/02/2001 03:00 PM
To: Sheila Glover/HOU/ECT@ECT
cc: Laurel Adams/HOU/ECT@ECT, Theresa T Brogan/HOU/ECT@ECT 
Subject: Re: Swap with Credit Trading  

Greetings Sheila,

If you are referring to the Equity Swap Confirmation, the structure is what 
has created the delay. At this time we have had approximately 5 Equity Swaps 
with Enron Europe. Per my original conversation with David Vitrella and John 
Weakly in early March, they wanted the settlement date to be triggered from 
the T + 3 date. In light of the fact that of the 5 swaps, 2 had the same 
trade date but the other 3 had different trade dates, a confirmation was 
created for each swap. Sara had approved the language for the individual 
confirmations. Once the confirmations were complete, Aneela spoke to David 
and they agreed that they wanted to change the structure and create one 
master confirmation that would be treated as a basket that could be amended 
at any time by adding for subtracting swaps.  This would allow for the swaps 
to settle on the same day monthly rather than on various days throughout each 
month. Aneela and I spoke with Sara on Friday to discuss the format. I 
drafted a confirmation modeled after the JP Morgan confirmation. Sara and I 
discussed it Friday afternoon. Sara said she would fine tune the language 
over the weekend and we should have a final version approved by her today. 
Once approved by Sara, I will execute and forward the trade to Chali Zulu in 
London. This should be resolved today!

Please call or e-mail me should you like to discuss this in further detail.

Regards,

Jorge


   
	Enron North America Corp.
	
	From:  Sheila Glover @ ECT                           04/02/2001 04:24 AM
	

To: Jorge A Garcia/NA/Enron@Enron, Laurel Adams/HOU/ECT@ECT
cc: Theresa T Brogan/HOU/ECT@ECT 

Subject: Swap with Credit Trading

Jorge,
My understanding is that we have not been able to collect on a swap with 
Credit Trading for Jan and Feb worth $1.9 million because a swap confirm has 
not been issued by us.  
I would like issued today and get an understanding why this has been 
outstanding so long.
Thanks, Sheila