FYI,
In reference to your memo of May 5th,  I prepared and sent a new Master to 
Pan on May 1st.  Since then, I have trouble getting in touch with anyone at 
Pan to discuss the agreement.   The treasurer  referred me to  Rick Tucker 
(713) 331-5049.  He stated Pan is not ready to consider new paper, as the one 
in place is working fine and not priority.   But would review the new 
agreement when he had time.


Debra Perlingiere
Enron North America Corp.
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490