-----Original Message-----
From: 	"Hofer, Charles" <Charles.Hofer@ElPaso.com>@ENRON  
Sent:	Thursday, November 15, 2001 8:40 AM
To:	"'wbradfo@ect.enron.com:'" <wbradfo@ect.enron.com:>; Hendry, Brent
Cc:	Brown, Chuck
Subject:	Global setoff/net out agreement

Bill,

As much as I'd like to get a "global agreement" with several of our large
counterparties it cannot be done.  Legal has advised there are concerns
about these being enforceable.  It was a good idea , but it is not workable.
We must continue margining each other the way we are doing now.

Charles


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