Mark,
This is a brief overview of what the tax group is trying to accomplish overall but does not really explain why assigning the derivative positions from ENA or entering into new weather derivative positions in the Chiricahua entities allows Enron to save 500mm in taxes.  Stephen told me on Friday he would speak with you today to answer your question on how aggressive the tax position is.
Regards,
Brent

 -----Original Message-----
From: 	Wells, Bret  
Sent:	Wednesday, November 21, 2001 5:01 PM
To:	'rrabalais@velaw.com'; 'jblissard@velaw.com'; 'jlynch@velaw.com'
Cc:	Maxey, Dave; Ginty, James; Douglas, Stephen H.; Delacey, Charles; Hendry, Brent
Subject:	Enron: Year-End Unwind of Project Valhalla and Project NOLly

Robert/Judy/John,

We would like to discuss your thoughts on the attached timeline and questions contained therein on Monday, November 26, at 9:30 a.m.  We will originate the call by calling Robert Rabalais' office at this time.  We have highlighted in bold the questions that we consider the most relevant, but please consider whether there are other questions that are also implied by the attached timeline.  In particular, we are especially interested in the steps described on December 10th.  It is imperative that we have these issues resolved by close of business on Monday.

Thank you in advance for your assistance with respect to this matter, and we look forward to speaking with you on Monday.

Regards,

Jim Ginty & Bret Wells