-----Original Message-----
From: Kaminski, Vince J 
Sent: Monday, October 22, 2001 2:39 PM
To: Bharati, Rakesh; Shanbhogue, Vasant
Cc: Kaminski, Vince J; 'kimberly.r.scardino@us.andersen.com'
Subject: RE: Note on Valuation


Rakesh,

I have informed Ryan Siurek (cc Rick Buy) on Oct 4
that I cannot sign off on any analysis
done by our group without looking at full set of
legal documents related to the LJM
transactions. Those documents were not provided and therefore
we cannot sign off on any analysis done in the past.

I have come to a conclusion that we cannot support
the valuations based on verbal and
often conflicting information, without doing  full due
diligence.

Feel free to provide the information to Kimberly but,
please, inform her I cannot support the quantitative analysis
we have done in the past. I am especially concerned about the conflict between
the existence of the restriction and the existence of a put that are, in my view,
mutually exclusive.


Vince


-----Original Message-----
From: Bharati, Rakesh 
Sent: Monday, October 22, 2001 2:22 PM
To: Kaminski, Vince J; Shanbhogue, Vasant
Subject: FW: Note on Valuation
Importance: High


FYI

-----Original Message-----
From: kimberly.r.scardino@us.andersen.com
[mailto:kimberly.r.scardino@us.andersen.com]
Sent: Monday, October 22, 2001 1:56 PM
To: Bharati, Rakesh; Siurek, Ryan
Subject: Re: Note on Valuation
Importance: High



This is the latest version of your Raptor valuation memo that we have.  Is
there a more recent version with the changes we discussed (i.e. UBS shares
are not in a forward contract, 4 year restriction, etc.)?

To:   Kimberly R. Scardino@ANDERSEN WO
cc:
Date: 09/26/2001 10:43 AM
From: Rakesh.Bharati@enron.com
Subject:  Note on Valuation



Kimberly,

Here is the note.  Do let me know if I can assist further.


 <<Note to AA09242001.doc>>

Rakesh Bharati
Phone: (713) 853-0936
Fax:     (713) 646-2503



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(See attached file: Note to AA09242001.doc)







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