---------------------- Forwarded by Caroline Abramo/Corp/Enron on 05/22/2001 
11:22 AM ---------------------------


Jeffrey_Kauhl@dkrcapital.com on 05/22/2001 10:07:58 AM
To: caroline.abramo@enron.com
cc:  

Subject: ISDA Agreement and Confirmations between Enron and AIG Commodity 
Arbitrage Funds.


Hi Caroline;

In regards to the Bermuda Opinion we just spoke about, I've been informed
that our Bermuda counsel will need to see a draft ISDA before they can give
the opinion.  The form of opinion mentions the ISDA and so they will need
to see one even though the Confirm will contain all the same provisions.
Could you please have the ISDA and new Confirms E-Mailed to my attention as
well as send the new Confirms to me via hard copy?  I will forward the
drafts to our counsel via E-mail and get the hard copies of the Confirms
signed.  Thanks and let me know if this is a problem.

Jeff

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