Carol:

Regarding a "hedge fund meeting" next week, I have spoken with most of the 
likely participants and everyone is eager to meet next week.  I'll fill you 
in on details in person.  I think the following people should attend:

Fred Lagrasta
Caroline Abramo
Robyn Zivic
Russell Dyk
you 
Brent
me

I believe that we have a mushrooming "process" issue.  I also believe that 
the credit group is part of the problem (we should have a separate discussion 
with Paul to discuss potential hedge fund credit issues - maybe there are 
none and maybe our legal choices are unimportant to credit).  My observations 
are that all hedge funds need not be "last minute" deals, Caroline can be our 
ally and needs to learn our documents and credit needs to advise legal 
sooner.  I have asked Caroline to prepare a list of all funds she is 
currently working with, has already discussed with Paul or is considering.

Afternoon is best.  Shall I schedule or have you already begun?




Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com