Sara,

In response to your voice mail message, we would like to execute legal
agreements (for ENA and ECT Investments) with Buy Side Direct and Trading
Edge.

Discussions with LIMITrader are on hold given the departure of their point
person for legal issues.  We have been waiting for several weeks for feedback
from Doug Ford (212-499-1390), our LIMITrader sales contact, as to how to
proceed.

We expect to resume discussions with MarketAxess when that site is nearer to
launching high yield bond trading.  (Paul, have you asked Julie Rogoff
(212-235-0835) to notify you when this date approaches ?)

My cell phone and email are noted in the email below.

Sara, I understand that our litigation manager has been busy.  However, as
noted below, the consequential damage issue has been outstanding for more
than a month.  Please let us know when this issue is resolved and when we can
expect discussions with Buy Side Direct and Trading Edge to be completed.

Jason, as we've discussed, please provide Madhur and Paul an opportunity for
a final review - before executing - when Legal is comfortable with these
agreements.

Thanks.

Mike Fowler

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Date: Tue, 17 Oct 2000 10:42:52 EDT
Subject: Online Trading Agreements
To: sara.shackleton@enron.com
CC: PETEJ@andrews-kurth.com, jeff.kinneman@enron.com, madhur.dayal@enron.com
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Sara, per Jason Peters, our litigation manager was unable to meet with Jason
during your vacation to discuss consequential damages.  This is the only
material issue outstanding with regard to the Buy Side Direct agreement.  In
addition, Jason has been waiting for our position on this issue to be
clarified before he continues discussions with Trading Edge.

Sara, we have been aware of the consequential damage issue for more than a
month.  When can we expect this issue to be resolved ?  When can we expect to
complete legal discussions with Buy Side Direct and Trading Edge ?

Please call me at 713-412-5890 or email me at mfowler2@aol.com.

Thanks.

Mike