----- Forwarded by Elizabeth Sager/HOU/ECT on 01/18/2001 05:54 PM -----

	"Jeffrey Watkiss" <dwatkiss@bracepatt.com>
	01/18/2001 03:08 PM
		 
		 To: <elizabeth.sager@enron.com>
		 cc: 
		 Subject: Collateral


memo is attached.  Please excuse typos.  I haven't even had time to read what 
I wrote.

 - 0136886.01